Pepe (PEPE) has extended its week-long downtrend, trading at $0.000004541 after a market crash pushed it to a low of $0.0000044. A long-term whale sold 858 billion PEPE tokens worth $3.88 million, marking the first sale after accumulating since 2023. Large holders offloaded 4.25 trillion tokens, indicating panic selling. Technical indicators show PEPE in oversold territory, trading below key moving averages, with further downside risk to $0.0000043 if bearish pressure persists.
Pepe (PEPE) has traded within a descending channel since facing rejection at $0.00000688 two weeks ago. The memecoin dropped to $0.0000044 during the recent market crash and was trading at $0.000004541 at the time of writing.
A long-term whale sold 858 billion PEPE tokens worth $3.88 million after holding since October. The whale still holds 842 billion tokens valued at $3.82 million, according to Arkham data.
Large holders’ outflows skyrocketed, with Top Holders offloading 4.25 trillion tokens per Nansen data. Sell volume dipped to 4.46 trillion on January 30, down from 6.56 trillion the previous day, resulting in a negative buy-sell delta according to Coinalyze.
PEPE‘s Stochastic RSI made a bearish crossover and dropped to 13.5, falling deeper into oversold territory. The memecoin was trading below its short- and long-term moving averages, reflecting sustained bearish pressure per Tradingview charts.
If sellers continue to dominate, PEPE is likely to incur further losses and decline to $0.0000043. For a bullish reversal, PEPE needs a daily close above $0.0000051, with the EMA 20 at $0.0000051 as the immediate resistance level.
