Pepe Coin Faces Bearish Outlook Amidst Market Downturn
Pepe Coin (PEPE) is struggling in the crypto market. Its price is down 40% since May, trading at $0.000010 as of October 2. The market cap has also fallen from $10 billion to $4.2 billion.
Technical analysis suggests more declines. The daily chart shows a descending triangle pattern. This pattern has a descending trendline and a horizontal support at $0.0000091.If the price breaks below this support, it could fall to $0.00000759.
On-chain data adds to the bearish outlook. Whale investors have reduced their holdings by 22% in the last 30 days. Smart money investors and public figures have also cut their holdings by 65%. Historically, when whales sell, it’s a bad sign for the price.
Pepe Coin may not join the Uptober rally. The descending triangle pattern and whale selling indicate a bearish trend. Though, if the price breaks above the descending trendline, it could rally to $0.000015.
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