Pepe Coin price has crashed by 83% from its highest level this year, and technicals and exchange flows points to more downside in the coming weeks.
Summary
- Pepe Coin price has formed a head-and-shoulders pattern in the past few months.
- The amount of Pepe tokens in exchanges has soared by over 7.4 trillion since last month.
- Demand for meme coins has continued falling in the past few months.
Pepe Coin (PEPE) token dropped to the current $0.0000045, and is hovering near its lowest level in October when liquidations surged.
Data compiled by Nansen shows that Pepe investors have started to capitulate after the token’s crash accelerated.
There are now 258 trillion tokens in exchanges, up sharply from last month’s low of 251.16 trillion. This means that exchange inflows have soared by 7.4 trillion since November 6.
Pepe’s exchange balances have dropped as whale investors have continued to dump their tokens. These whales now hold 4.65 trillion tokens, down from 6.28 trillion in August this year.
Exchange inflows mean that investors are dumping their tokens, a move that increases the amount of supply.
This performance mirrors the performance of other meme coins, a sign that demand has continued to wane this year. For example, Dogwifhat’s (WIF) support has soared from 592 million in October to 616 million today. Similarly, Bonk’s supply has moved to 24.67 trillion from last month’s low of 22.8 trillion.
Pepe Coin price technical analysis
The daily chart shows that the Pepe Coin price has been in a strong downward trend in the past few months.
It recently dropped below the key support at $0.000005300, its lowest level in March this year and August last year.
Moving below this price is notable as it was the neckline of the giant head-and-shoulders chart pattern, a common bearish reversal sign.
Pepe price has remained below the 50-day and 200-day Exponential Moving Averages, a sign that bears are in control. Also, the Supertrend indicator has moved below the price, which is a sign that the downtrend is continuing.
Pepe Coin price has also formed an inverse cup-and-handle pattern. Therefore, this price will likely continue falling in the coming weeks, potentially to the key support at $0.0000020.
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