PEPE, the popular frog-themed meme coin, shows signs of a possible price pullback as large holders, known as whales, increase their selling activity. The coin is currently trading between key Fibonacci levels, with technical signals pointing to weakening bullish momentum.
PEPE recently broke out of a triangle pattern, reaching a high of $0.00001550. It is now consolidating between the 50% Fibonacci level at $0.00001227 and the 61.80% level near $0.00001470. While the overall trend saw a golden cross between the 50-day and 200-day moving averages, a bearish crossover on the MACD indicator warns of a potential loss in upward strength.
This suggests that PEPE may pull back toward the 50% Fibonacci support at $0.00001227. If selling pressure grows, the correction could extend further to the 200-day moving average near $0.000010.
On the upside, if PEPE recovers above $0.00001470, it could target the 78.60% Fibonacci level at $0.00001903.
Whale activity has surged recently, with large transactions exceeding $100,000 reaching a 7-day high of 587 on May 23. The last 24 hours alone saw 267 whale transactions. This spike in whale moves often signals profit-taking and can mark a local price peak.
The recent increase in whale selling after PEPE’s short-term price rise raises caution for investors, as a bearish reversal may be approaching.
Disclaimer: This article is for informational purposes only and is not financial advice. Please do your own research before making any investment decisions.
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