The meme coin Pepe (PEPE) has once again captured the spotlight, with a major whale depositing 427 billion PEPE ($8.5 million) into Kraken over the last 30 hours. This move has triggered significant market ripples. Notably, the whale, holding a staggering 1 trillion PEPE ($18.4 million), recently realized a $2 million profit from its latest position. Previously, this entity garnered $11.7 million in PEPE gains, showcasing a strong belief in the token’s long-term potential.
At press time, PEPE is trading at $0.00001845, marking a 10.18% decline in the past 24 hours. The market is keenly watching whether this whale activity signals the start of a new rally or if resistance levels will curb upward momentum.
PEPE Price at a Crossroads
PEPE’s price action is testing critical support near $0.00001701, a pivotal demand zone. If buyers can defend this level, a bounce toward the key resistance at $0.00002196 could be possible. Conversely, increased selling pressure might push the token lower, underscoring the importance of sustained buyer control.
Network Growth and Market Sentiment
Network activity has cooled, with 2006 active users at press time, hinting at reduced transaction volumes post-major price movements. While this slowdown may appear bearish, it could signify a consolidation phase. Whale activity could rejuvenate network growth and spark renewed investor interest.
Technical Indicators Signal Mixed Trends
The Parabolic SAR shows bullish momentum, with prices above the dotted lines, while PEPE trades near $0.00001705. However, the Directional Movement Index (DMI) highlights bearish dominance, with a +D value of 17.876, -D at 20.485, and an ADX of 19.20, indicating weak trend strength.
Despite these signals, the Long/Short Ratio of 65.07% longs reflects bullish sentiment, suggesting optimism for PEPE’s price recovery. Whale-driven buying pressure may pave the way for a breakout above resistance levels.
What Lies Ahead for PEPE?
PEPE’s trajectory hinges on its ability to maintain support and overcome resistance. Should bullish sentiment prevail, the memecoin could see significant gains. However, without sufficient buyer momentum, resistance could limit its advance. For now, the market waits to see if PEPE’s whales can fuel another rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: PEPE Price Crash: Whale Dumps $8.5M Worth of Tokens, Bearish Pattern Signals Further Decline
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