PEPE Price Prediction for January 9, Whale Sells 427 Billion Coins
Pepe (PEPE), the popular third-largest cryptocurrency, is set to fall significantly in price after forming a bearish price movement. This bearish outlook follows a sharp price drop on January 7, 2024, and suggests further declines ahead.
Smart whale sells 427 billion PEPE Meme coins
Amid the price drop, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a smart whale dumped $427 billion. PEPE Kraken cryptocurrency exchange has $8.5 million worth of meme coins.
Despite selling off such a large amount of meme coins, whales still held a massive 1 trillion PEPE, making a profit of $2 million.
This is not the first time that whales have abandoned PEPE; in late December 2023, whales sold meme coins in large quantities and made profits of more than 2 million US dollars. This time, however, due to recent price action, whale selling has the potential to create selling pressure and lead to further price declines.
PEPE Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, PEPE has formed a bearish head and shoulders price action pattern on the daily chart and is poised for a major breakout. Currently, the price has found support from the neckline of the pattern, but the support appears to be weakening.
Based on recent price action, if PEPE breaks out of this pattern and closes below $0.0000166 levels, a 20% decline to $0.000013 levels is possible in the future.
On the positive side, PEPE’s relative strength index (RSI) is approaching oversold territory, indicating potential upside momentum. However, this seems unlikely due to continued bearish market sentiment across the market.
Open Interest and Price Momentum Decline
On-chain analytics firm Coinglass revealed that this price drop and bearish price action caused concerns among investors, leading to a decrease in open interest. As of press time, PEPE’s open interest has fallen by 15%.
Currently, PEPE is trading close to $0.0000178, with the price down more than 5.5% in the past 24 hours. Trading volume increased by 10% during the same period, indicating increased investor and trader participation compared to the previous trading day.
