Key Insights
- Pepe Coin price has fallen 40% from September highs, hitting a six-month low amid growing investor caution.
- Whale and smart money holdings declined by over 38%, signaling weak confidence and increased selling pressure.
- A bearish head and shoulders pattern with a neckline near $0.0000070 indicates potential for further downside.
Pepe Coin’s price continued to face significant selling pressure this week, falling nearly 40% from its September highs as traders brace for further downside. The memecoin dropped to a six-month low of $0.0000063 on October 17 before recovering slightly to $0.0000072. The decline has erased two-thirds of its value from its peak earlier this year.
The sell-off deepened on October 11, when Pepe’s price plunged 33% to $0.0000062 after the United States announced new tariffs on Chinese exports. The renewed trade tensions between Washington and Beijing reignited fears of a global economic slowdown. Consequently, investors have shifted away from risk assets, leading to widespread losses across major cryptocurrencies.
Whales and Smart Money Investors Exit
Data from blockchain analytics firm Nansen revealed a steady exit of large investors over the past month. Smart money holdings have fallen by 38.6% to 1.95 trillion tokens, while whale holdings dropped from 6.13 trillion to 4.95 trillion during the same period. Such movements often signal fading confidence among institutional and high-volume investors, adding pressure to already weak market sentiment.
Technical indicators now point to growing bearish momentum. Pepe’s weekly chart shows a clear head and shoulders formation, a classic sign of a potential trend reversal. The neckline sits near $0.0000070, with the head reaching up to $0.000028. A confirmed break below the neckline could intensify losses, possibly driving prices toward the $0.0000040 level.
Indicators Support a Bearish Outlook
The MACD line has crossed below the signal line, indicating strengthening selling pressure. Additionally, the RSI has dropped below the neutral 50 mark, suggesting growing bearish sentiment among traders. The key support zone remains at $0.0000070, aligning with the 23.6% Fibonacci retracement level.
If Pepe Coin manages to hold above its neckline, a potential recovery could target resistance near $0.0000090. However, sustained selling from whales and cautious retail sentiment may continue to weigh on price action in the near term.
