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Pepe Coin Sheds 18% in a Week: What Triggered the Sell-Off?
- PEPE coin has experienced an 18% drop in a week due to heavy selling pressure from a large-scale whale sell-off, dumping 2.2 trillion tokens over 10 days.
- The sell-off triggered algorithmic orders and contributed to a downward spiral in the low-depth meme coin market.
- PEPE's technical analysis shows a breach of key SMAs, negative MACD histogram, and a declining RSI, indicating a bearish trend.
- Bitcoin dominance has increased, leading to capital rotation towards BTC amidst market uncertainty, impacting altcoins like PEPE negatively.
- The global crypto market cap declined by 2.1%, with meme coins bearing the brunt of the risk-off sentiment.
- Market sentiment turned neutral with a decrease in retail enthusiasm, as indicated by the Fear & Greed Index dropping to 40 from 73 in May.
- PEPE's trading volume increased by 17.85% to $805 million in 24 hours, but mainly on the sell-side.
- The outlook for PEPE suggests further downside unless whale activity stabilizes, technical signals improve, or market sentiment rebounds.
- Investors should watch the $0.0000100 level as a potential support zone, with a break below potentially leading to retests of lower price ranges.
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