Pepe (PEPE), the popular and the third-largest meme coin is poised for a notable price decline as it has broken out from a crucial support level. Today, on November 5, 2024, the sentiment across the cryptocurrency landscape is quite bearish, which has shifted the PEPE into a downtrend.
Following the breakdown, PEPE has recorded a price decline of 2.75% over the last 24 hours and is currently trading near $0.00000797. During the same period, the meme coin’s trading volume declined by 4.9%, indicating lower participation from traders and investors amid the market downturn.
According to the expert technical analysis, PEPE appears bearish as it has broken out from a crucial support level of a descending triangle price action pattern on a daily time frame. Following the breakdown the chance of further price decline has increased.
Based on the recent price action and historical price momentum, if PEPE closes a daily candle below the $0.00000795 level, there is a strong possibility the asset could decline by 18% to reach the $0.0000065 level in the coming days.
Additionally, PEPE has breached its crucial support at the 200 Exponential Moving Average (EMA) on the daily time frame, further indicating a downtrend.
Despite PEPE’s bearish outlook, whales and investors appear to be significantly engaged with the meme coin. According to the on-chain analytics firm IntoTheBlock, large transactions by whales and institutions have jumped by 36%, over the last 24 hours.
This notable increase in the large transactions highlights whale interest in the meme coin amid its recent price decline.
Considering these on-chain metrics, it appears that bulls are currently dominating and have started increasing their participation ahead of the U.S. presidential election.
While combining these on-chain metrics, it appears that bulls currently dominating and have begun participating ahead of the U.S. Presidential election.
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