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.
Current Price Momentum
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.
PEPE Technical Analysis and Key Levels
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.
Bullish On-Chain Metrics
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.