Pepe Coin price remains in a deep bear market, and on-chain data and its weak technicals point to a crash in the coming weeks or months.Summary

• Pepe Coin price may not participate in the ongoing Uptober rally.
• The token has formed a descending triangle pattern on the daily chart.
• Whale and smart money investors have continued dumping the token.

Pepe Coin (PEPE) token was trading at $0.000010 on Thursday, Oct. 2, down by 40% from the highest point in May this year. Its market capitalization has dropped to over $4.2 billion, down from the all-time high of over $10 billion.

Pepe Coin price has technical points to more downsides

The daily timeframe shows that the Pepe price topped at $0.00001645 on May 23 as the crypto market rallied.

Since then, the coin has formed a series of lower lows, with its attempts to rebound facing substantial resistance.

The coin has formed a descending triangle pattern, which consists of a descending trendline and a horizontal support at $0.0000091. The support coincided with the ultimate support level of the Murrey Math Lines tool.

This pattern often leads to a strong bearish breakout, which is normally confirmed when it moves below the support level. If this happens, the next key level to watch will be at $0.00000759, its lowest level in May last year, and the extreme oversold level.

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The bearish Pepe price forecast will become invalid if it moves above the descending trendline of the triangle pattern. If this happens, it may rally to the psychological level at $0.000015.

Pepe price chart | Source: crypto.news

On-chain data shows that whales are dumping Pepe tokens

Another reason why the Pepe Coin may not participate in the Uptober rally is that whale investors continue to dumb it, a sign that they expect it to keep falling.

Nansen data shows that whale holdings have dropped by 22% in the last 30 days. These investors now hold 6.11 trillion tokens, down from 7.5 trillion on the same day last month. Historically, whale selling is usually a bearish sign.

The same trend is happening among smart money investors and public figures. Smart money investors have reduced their holdings by 65% in the last 30 days to 912 billion tokens, while public figures have cut their holdings by 65%.

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