CandleFocus Pepe coin price slips as smart money sells: has the rally ended?
2024-12-18
Author: Content Editor
The price of Pepe coin has been dropping for three consecutive days, forming a bearish pattern and invalidating a previously bullish one. This decline is happening alongside broader cryptocurrency market losses, with Bitcoin falling and the total market cap of all cryptocurrencies dropping. Pepe has experienced a significant volume of trading, surpassing the volume of Shiba Inu. The ongoing sell-off is occurring as traders await the Federal Reserve's upcoming decision on interest rates, which is expected to impact risky assets like stocks and cryptocurrencies. Nansen data shows a decrease in smart money traders holding Pepe. The daily chart suggests a strong bearish trend, with the coin breaking below the ascending trendline and forming a bearish candle pattern. In the near term, Pepe's price may continue to fall, but a bullish reversal could occur if it surpasses key resistance levels.
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