Pepe Coin Faces Critical Support Level as Whales Sell Off
Pepe Coin (PEPE) has hit a crucial support level, signaling a possible deeper drop. The coin has formed a descending triangle pattern on its daily chart, a risky sign for investors.
Pepe’s price has fallen to $0.000009155, its lowest since June 22. This represents a 45% drop from its yearly high and a 68% decline from its 2024 peak. The descending triangle pattern, with a horizontal support and a downward trendline, suggests further downward pressure.
The target price, if the pattern holds, could be $0.000004767, a 45% drop from the widest part of the triangle. A fall below $0.0000052 would confirm this trend.
Whales are also selling off Pepe tokens. According to Nansen, whale investors now hold 6.55 trillion tokens, down from 7.6 trillion in August. Smart money investors have reduced their holdings to 1.66 trillion.
This selling spree has increased the supply on exchanges to 253 trillion tokens, up from 252.4 trillion earlier this month. A rise in exchange supply frequently enough indicates that investors are losing faith and selling their tokens.
- Pepe Coin price has formed a descending triangle pattern.
- Whales and smart money investors are selling Pepe tokens.
- Exchange supply has increased, signaling a loss of investor confidence.
