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A fresh whale wallet has made a significant move in the cryptocurrency market, withdrawing 492 billion PEPE tokens, worth approximately $3.74 million, from Binance. This substantial accumulation suggests growing confidence in the token’s long-term potential despite only a mild 0.34% price increase over the past 24 hours. At press time, PEPE was trading at $0.000057341, reflecting minimal movement but setting the stage for a possible breakout.
Are Most PEPE Holders Still Underwater?
On-chain data indicates that over 63% of PEPE holders are currently at a loss, while only 19.17% are in profit. Meanwhile, 17.15% of addresses hold PEPE at breakeven levels. This distribution suggests that a bullish push could trigger significant selling pressure from investors looking to recover losses. However, if whale accumulation continues and demand strengthens, this selling pressure could paradoxically fuel a price rally.
Technical Indicators Suggest a Breakout in Sight
PEPE has formed a textbook inverse head and shoulders pattern on the daily chart—an established bullish reversal formation. The pattern is emerging just beneath a long-standing descending trendline, reinforcing the possibility of an imminent breakout.
Key resistance is situated at $0.00000884, and a decisive close above this level could trigger a sharp rally toward $0.00001146. Conversely, failure to break this neckline may lead to consolidation or a potential dip toward the $0.00000565 support zone.
Whales Betting Big on PEPE’s Future
The recent whale accumulation underscores strong belief in PEPE’s future price appreciation. Large investors typically accumulate assets at perceived undervalued levels before a major rally. This strategic withdrawal from Binance may signal that whales are positioning themselves ahead of a major price move.
Moreover, growing accumulation aligns with technical indicators, strengthening the bullish case. If more whales follow suit, the market could witness increased buying pressure, providing the necessary catalyst for PEPE to break past key resistance levels.
Despite bullish technical signals, caution remains essential. The market has previously seen breakout attempts that resulted in fakeouts, leading to price retracements. The upcoming trading sessions will be crucial in determining whether PEPE can sustain momentum and confirm a breakout.
With whale accumulation, bullish technical patterns, and favorable market conditions aligning, PEPE appears poised for a significant move. While resistance at $0.00000884 remains a key hurdle, the odds are increasingly tilting in favor of the bulls. Investors should closely monitor price action, as a confirmed breakout could open the doors for a strong upward rally in the near term.
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 Coin Price Eyes 130% Surge as Whales Accumulate 492B PEPE Ahead of Key Breakout
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
