Pepe (PEPE), the widely popular third-largest meme coin, is facing a significant price decline after breaking through a critical support level. As of November 5, 2024, the sentiment in the cryptocurrency market is largely bearish, leading to PEPE entering a downtrend.
Current Price Momentum
Following the breakdown, PEPE has experienced a 2.75% price drop in the past 24 hours, with the current trading price hovering around $0.00000797. Simultaneously, the trading volume for the meme coin has decreased by 4.9%, suggesting reduced involvement from traders and investors amidst the market downturn.
PEPE Technical Analysis and Key Levels
Expert technical analysis indicates a bearish outlook for PEPE, as it has broken below a crucial support level of a descending triangle price pattern on the daily timeframe. This breakdown has increased the likelihood of further price declines.
Based on recent price action and historical momentum, if PEPE closes a daily candle below the $0.00000795 level, there is a high probability of a further 18% decline, potentially reaching the $0.0000065 level in the near future.
Furthermore, PEPE has broken below its critical 200 Exponential Moving Average (EMA) on the daily timeframe, reinforcing the downtrend.
Bullish On-Chain Metrics
Despite the bearish outlook, there is substantial engagement from whales and investors in PEPE. According to on-chain analytics firm IntoTheBlock, large transactions by whales and institutions have surged by 36% in the last 24 hours.
This increase in large transactions indicates continued interest from whales in the meme coin despite recent price declines.
Considering these on-chain metrics, it appears that bulls are currently in control and are ramping up their involvement ahead of the upcoming U.S. presidential election.
By analyzing these on-chain metrics, it is evident that bulls are leading the way and are actively participating in anticipation of the U.S. Presidential election.
