Pepe Coin (PEPE) Price Prediction: WHALE Dumps and Bearish Charts Signal Caution

Pepe coin price remained range-bound with little to no volatility after recovering from July 7's 15% plunge to a low near $0.0000083.

A recent whale activity has put a damper on the recovery of Pepe coin price (PEPE). The meme coin price remained largely range-bound after recovering from July 7’s 15% plunge to a low near $0.0000083.

However, the whale activity, transferring 9 trillion PEPE to Bybit, has signaled a bearish market sentiment. Despite the staking of 2 trillion PEPE at Sophon, which raised hopes, the overall sentiment remained bearish for PEPE prices.

Whale Dumps, Bearish Charts Signal Caution For PEPE

According to Whale Alert, the whale wallet, 0x88a14933, had earlier transferred the same amount of PEPE from Bybit to the whale wallet. This activity suggests a strategic move by the whale to offload a significant portion of their holdings.

Moreover, another whale address, 0x2da, carried out an interesting action. The address staked 2 trillion PEPE into Sophon. The stake, currently valued at $18.42 million, was acquired by the whale for just $2.33 million last year. This acquisition marks an unrealized profit of $16.09 million.

While staking is usually considered bullish for a token, given the overall bearish sentiment for PEPE coin, the token’s market price closed the day in the red.

Adding to the bearish cues, the open interest and funding rate charts also signaled a pessimistic market sentiment. The PEPE OI-Weighted Funding RateVl chart showcases negative funding rates in recent periods, indicating a bearish bias among traders.

Furthermore, the PEPE Futures Open InterestVl chart mirrors this sentiment. The open interest declined alongside the price, suggesting a decrease in speculative activity and confidence.

To worsen the bearish outlook, market maker Wintermute also dumped 702 billion PEPE on Binance. The sell order was executed at an average price of $0.00000494, bringing the total value of the trade to around $3.45 million.

With the sell order, Wintermute appeared to be closing out a large position in PEPE, which had earlier been opened with the purchase of 702 billion PEPE from Binance on May 12. At the time, the average purchase price was $0.000000767.

PEPE Coin Bearish Setup Adds Insult To Injury

Meanwhile, a bearish technical setup adds to the cues against the memecoin. The token is currently testing the support trendline of the pattern, leaving bulls anxious. Notably, market analysts often consider the descending triangle a bearish continuation signal.

The configuration features a downward-sloping upper trendline, which gradually reduces the price action’s highs, and a flat lower trendline, which is a consistent support level the price finds difficult to break.

Moreover, the pattern suggests that selling pressure is intensifying, leading to successively weaker rallies. In this setup, the potential price target is typically gauged by the maximum height of the triangle at its widest point.

Hence, confirming the bearish setup might result in the PEPE price dropping over 57% to reach the projected price target near $0.0000039.

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