TL;DR

PEPE trades near $0.00001126, with analysts warning of a slide toward $0.0000097. RSI near 27 shows oversold conditions as whales increase holdings and exchanges see outflows. The symmetrical triangle pattern suggests a potential breakout, but the price remains under critical short-term support.

PEPE Price Drops Amid Heavy Trading

Meme-inspired cryptocurrency PEPE fell nearly 9% in the past 24 hours. The token was trading at $0.00001 at press time, with a 24-hour volume of $817,709,519. Over the past week, PEPE is down 13% as strong selling and liquidations pressure the market.

Crypto analyst Ali Martinez stated that PEPE must reclaim $0.0000118 as support to avoid a fall toward $0.0000097. The token is currently around $0.00001126, slightly under that level. If it fails to recover, the next supports sit near $0.0000108, $0.0000105, and $0.0000097.

$PEPE needs to reclaim $0.0000118 as support to avoid a potential drop to $0.0000097! pic.twitter.com/zLshQB3irL

On the 4-hour chart, Bollinger Bands are widening as PEPE trades near the lower band. This setup reflects strong selling pressure and increased volatility. The token is below the middle SMA line, keeping the short-term trend negative.

Meanwhile, the Relative Strength Index (RSI) is near 27, placing the token in the oversold area. Such readings often point to strong selling momentum and the chance of a short-term bounce. A sustained move above 30 on the RSI would suggest that buyers are stepping in.

Source: TradingView

Market Pattern Shows Lower Highs

Analyst Token Talk noted that PEPE is moving inside a symmetrical triangle on the daily chart. The price action is testing the $0.0000108 – $0.0000115 support zone, and a breakout above the triangle could aim for $0.0000130 – $0.0000145.

The market has been printing lower highs and facing repeated selling. If PEPE stays below $0.0000118, the downtrend could extend toward $0.0000097, which is the next major support area.

Whale Activity and Exchange Balances

Nansen data shows whale holdings at 305.52T, up 3%, while exchange balances are 250.62T, down 2%. 

Source: Nansen Whales are increasing their positions as fewer tokens are available on exchanges. This takes out some near-term selling pressure, but the market remains short-term weak.