Pepe price dey near breakdown for bearish head-and-shoulders
Pepe price don drop sharply since e peak for July and e dey face bearish breakdown. After e reach $0.00001470 for July, Pepe price drop 25% reach about $0.00001070. The coin drop below im 50-day and 100-day moving averages, wey confirm say bearish momentum dey. For daily chart, classic head-and-shoulders pattern don show. If e break below $0.000010 neckline, e fit cause further fall towards June low of $0.00000826. Key support dey for $0.00000826. But if e bounce up pass $0.00001470, e go cancel the bearish setup and target $0.00001632. Fundamentals dey weak. Whale holdings remain steady at 8.34 trillion tokens. Spot and futures volume don fall below usual $1 billion levels. Futures open interest come down from $992 million to $642 million. Pepe don separate from Ethereum rally, e show say demand low.
Bearish
Di appearance of head-and-shoulders reversal for Pepe daily chart mean say e fit get downward momentum. Similar pattern for other altcoins like Shiba Inu for May 2023 cause dem drop pass 20%. Plus with drop for spot and futures volume and whale holdings wey no dey change, e mean demand weak. If e break $0.000010 neckline, e fit cause quick sell-off go June low of $0.00000826. For short term, traders fit increase bearish positions or reduce how dem dey hold meme tokens. Long-term prospects dey depend on volume to return and key moving averages to get back. Until Pepe price fit get back connection with Ethereum rallies or new buy from whales show, bearish side go dey control.