- A PEPE whale sold 2.2 trillion tokens across Binance, resulting in an estimated loss of $3.5 million within ten days.
- PEPE has formed a bullish flag pattern that could signal a 102% price rise if a breakout is confirmed on the daily chart.
- RSI has dropped to 37.65, reflecting weak momentum and suggesting possible near-term recovery if oversold conditions are reached.
A major PEPE whale has liquidated a 2.2 trillion token position at a loss of approximately $3.5 million. This development comes even as the meme coin shows a bullish continuation pattern that could point to a potential price surge.
On-chain data from Lookonchain confirmed that a wallet address ending in FE0 deposited the final batch of 600 billion PEPE tokens to Binance on June 18. This move concluded a three-part sequence of token returns to the exchange, which started on June 8.
The wallet originally withdrew the 2.2 trillion tokens in mid-May, valued at roughly $27.64 million at the time. Over 10 days, the tokens were returned to Binance, with the last batch worth $6.04 million. The complete exit by the whale indicates declining confidence and increases short-term selling pressure in the market.
Bearish On-Chain Activity Meets Bullish Technical Pattern
Despite the bearish sentiment from the whale exit, the daily chart for PEPE/USDT on Binance has formed a bullish flag pattern. This technical structure often indicates price consolidation before a breakout. PEPE previously rallied in early May and has since traded within a narrow, downward-sloping channel.
Source: TradingView
The trend still holds, and in case of a breach above the upper trendline, the fitting target would be around 0.00002051. At the current price of 0.00001010, this would be a possible 102 percent upside. The nearest resistance line is that of the 50-day EMA, represented at 0.00001137.
RSI Signals Weak Momentum with Room for Reversal
The Relative Strength Index (RSI) for PEPE has dropped to 37.65, nearing the oversold threshold of 30. This indicates declining momentum and reduced buying interest. A further drop could signal oversold conditions, which sometimes precede price recoveries.
Source: TradingView
Volume remains high, with 5.1 trillion PEPE traded, showing active market interest. The RSI trend, however, continues downward, indicating that the asset remains in a phase of weak momentum.
