Pepe coin price has formed a highly bullish falling wedge pattern, pointing to an eventual rebound, even as whales and smart-money investors continue dumping.
Summary
- Pepe coin price has formed a falling wedge pattern on the daily chart.
- The coin has also settled at the ultimate support of the Murrey Math Lines.
- This rebound will happen even as whales and smart money investors sell.
Pepe (PEPE) token was trading at $0.0000095 on Friday, Sept. 5, down by over 33% from the highest point in July. It is now hovering near its lowest level since July 25.
Pepe coin price technicals points to a rebound
The daily timeframe shows that the Pepe token has been in a strong downtrend in the past few weeks as the crypto market retreated. It has dropped from a high of $0.0000147 in July to $0.0000095 today.
The coin bottomed at $0.000008940, which coincided with the ultimate support of the Murrey Math Lines, where most rebounds normally occur.
Pepe has formed a falling wedge pattern. The upper line links the higher lows since July 22, while the lower line connects the lowest levels in August and September.
The two lines are about to converge, pointing to an eventual rebound. If this happens, the coin will rise to the strong pivot reverse at $0.00001340.
Pepe price chart | Source: crypto.news
Whales and smart money investors are selling Pepe
The bullish Pepe forecast is unfolding even as whales and smart-money investors continue to sell the token. Nansen data shows that smart-money investors hold 322.2 billion tokens, down from a high of 326 billion in August.
The same is happening among whale investors, who have dumped over 800 billion Pepe tokens in the past few days. Their holdings have dropped from 8.4 trillion on Aug. 31 to 7.61 trillion today.
In most cases, cryptocurrencies normally drop when whales and smart-money investors are selling. This occurs because of their substantial holdings and the fact that they are more experienced than retail traders.
The main fundamental catalyst for Pepe is that the crypto market may rebound after the weak non-farm payrolls data. If this happens, top coins, including popular names like Pepe, will do well. Additionally, the coin will benefit from the steady futures open interest.
