PEPE (PEPE), the third-largest meme coin is poised for a notable price decline as it has broken out from a crucial support level

Today, on November 5, 2024, the sentiment across the cryptocurrency landscape is quite bearish, which has shifted the PEPE into a downtrend.

The third-largest meme coin, Pepe (PEPE), is set for a significant price decrease after breaking out from a crucial support level. Today, being November 5, 2024, the overall sentiment in the crypto market is leaning towards the bearish side, pushing PEPE into a downtrend.

Current Price Momentum

Following the breakdown, PEPE has recorded a price decrease of 2.75% in the last 24 hours, currently trading around $0.00000797. During this period, the meme coin's trading volume has decreased by 4.9%, indicating less participation from traders and investors amidst the market downturn.

PEPE Technical Analysis and Key Levels

As per the expert technical analysis, PEPE is displaying a bearish outlook after breaking out from a crucial support level within a descending triangle price action pattern on a daily time frame. Following the breakdown, the chances of a further price decrease are increasing.

Based on the recent price action and historical price momentum, if PEPE closes a daily candle below the $0.00000795 level, there is a high chance that the asset could decrease by 18% to reach the $0.0000065 level in the coming days.

Furthermore, PEPE has breached its crucial support at the 200 Exponential Moving Average (EMA) on the daily time frame, indicating a downtrend.

Bullish On-Chain Metrics

Despite PEPE's bearish outlook, whales and investors seem to be engaging significantly with the meme coin. According to the on-chain analytics firm IntoTheBlock, large transactions by whales and institutions have increased by 36% in the last 24 hours.

This significant increase in large transactions highlights whale interest in the meme coin amid its recent price decline. Considering these on-chain metrics, it appears that bulls are currently dominating and have started increasing their participation ahead of the U.S. presidential election.

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