PEPE, a prominent meme coin project, has shown short-term resilience by climbing 3.5% in the past 24 hours, trading at $0.00001110 at press time, as per CoinMarketCap data.
However, this bullish sentiment is overshadowed by larger bearish signals looming over the asset, as a whale’s recent massive CEX deposit hints at potential downside, coupled with a more than 40% drop in the trading volume.
Bull Flag or Bear Trap?
On the daily chart, PEPE has been trading inside a descending channel since May 10. This setup eventually led to a bull flag, a continuation pattern that often follows a strong upward move.
In PEPE’s case, the price spiked from $0.0000079 to $0.000015 before consolidating within the flag between $0.000010 and $0.000014. Notably, indicators suggest that any such breakout won’t come easily.
The Chaikin Money Flow (CMF) currently sits below the zero line, signaling increased selling pressure. This hints that smart money is exiting positions rather than accu
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