PEPE Price Faces Deep Correction Risk After Whale Selloff

Pepe is facing renewed downward pressure after failing to break past a crucial moving average. The token changed hands near $0.00000348 on Thursday following a rejection at its 200 day exponential moving average. Technical indicators show that momentum is fading fast, leaving the popular meme coin exposed to further downside in the near term.

On chain data reveals that large investors are cashing out their recent gains. Wallets holding between 10 million and 100 million tokens have collectively sold roughly 80 billion coins since August 25. While smaller retail traders have bought up a small portion of those tokens, their purchases are far too small to absorb the heavy whale selling.

Traders should watch the support level at $0.00000313 very closely over the next few sessions. A drop below that zone could clear the path for a much larger decline toward $0.00000230. On the other hand, bulls need a daily close above the 200 day moving average at $0.00000364 to spark a meaningful recovery and change the current bearish outlook.