Pepe Coin has formed a bullish falling wedge pattern, suggesting a potential rebound even as whales and large investors continue offloading their holdings. The token has also reached the ultimate support level identified by the Murrey Math Lines, which often acts as a zone for price reversals.
As of Friday, September 5, Pepe Coin was trading around $0.0000095, down over 33% from its peak in July. The price is now hovering near its lowest point since July 25, signaling that a potential turnaround may be imminent despite ongoing selling pressure from whales and smart-money investors.
Technical Analysis Points to a Rebound
On the daily chart, Pepe Coin has been in a clear downtrend over the past few weeks, following a broader market pullback. The price fell from $0.0000147 in July to the current $0.0000095 level.
The token bottomed at $0.000008940, aligning with the ultimate support line of the Murrey Math Lines, a level historically associated with rebounds.
Additionally, Pepe has formed a falling wedge pattern:
The upper trendline connects the higher lows since July 22, while the lower trendline links the lowest points observed in August and September. As these lines converge, the pattern signals a likely price rebound. If the bounce occurs, Pepe Coin could potentially reach the strong pivot reversal point at $0.00001340.
Heavy Selling by Whales and Smart-Money Investors
The bullish outlook for Pepe Coin emerges despite continued selling by whales and smart-money holders. According to on-chain data, smart-money investors currently hold 322.2 billion tokens, down from a peak of 326 billion in August.
Such selling activity from whales and experienced investors often puts downward pressure on cryptocurrency prices due to their large positions and market influence. However, Pepe Coin’s technical setup suggests that a rebound could still occur despite this selling.
Potential Catalysts for Pepe Coin
A significant contributor to a likely bounce is the broader movement of the crypto market.. Weak non-farm payroll data may trigger a market-wide rebound, benefiting top coins like Pepe. Additionally, stable futures open interest provides further support, enhancing the likelihood of a price recovery in the near term.
