Pepe (PEPE) recently fell -8.77% over the past week, trading at $0.00001881 at press time. The token’s price fell by -10.40% in the last 24 hours and had a trading volume of $1.74 billion. Its market capitalization is now $7.91 billion with a circulation supply of 420 trillion PEPE.
The bearishness in the cryptocurrency markets, combined with the increasing activity of whales will likely result in this pullback. The trading activity is still active but the token continues to consolidate after a massive rally in late 2024.
Whale Activity Pressures Pepe Price
Spot On Chain data reveals that a whale just lodged 217 billion PEPE ($4.54 million) to Kraken exchange. Within 17 days, this maneuver reaped a $767K profit (+20%). Nevertheless, one whale still owns 1.21 trillion PEPE tokens, worth $25.1 million, with $4.05 million in unrealized gains across two wallets.
This whale also made a profit of $11.39 million (+57.1%) from its first big PEPE trade earlier in 2024. Whale movements like these give extra liquidity to the market but volatility too, particularly when they happen in large amounts.
The increased selling activity has contributed to downward pressure on PEPE’s price, though broader market conditions remain bearish.
Technical Indicators Reflect Weak Momentum
According to technical analysis, the Pepe coin market is now in a consolidation phase. Current level on the Relative Strength Index (RSI) of 45.55 is below the neutral level of 50, suggesting if any existing trend is to continue, it is only in the mild bearish direction. During the previous rally RSI hit overbought levels now it’s declining off them, signaling a cooling off period.
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If the RSI continues to fall to closer to 40 or below it could represent additional selling pressure while a bounce higher above 50 could engender bullish interest.
The ADX (14) is at 13.85, pointing to weak trend strength, with neither bulls nor bears in full control. Meanwhile, the +DI (18.85) is marginally above the -DI (18.43), reflecting indecisive momentum with a slight bullish edge.
PEPE Coin Key Levels and Market Sentiment
PEPE key support is $0.00001800 with even stronger support at $0.00001500 which was active as an accumulation area in the previous rally. Resistance at $0.00002000 and above is observed on the upside, with stronger resistance at $0.00002250. A reversal could appear if these levels are broken above.
Coinglass market data shows a 36.81% rise in trading volume to $869,73 million. However, PEPE futures open interest (OI) has declined by -7.52% to $473.27 million. The decline in OI follows from reduced speculative activity from traders who have already unwound positions and has helped consolidation.
Pepe’s price movement is still in a consolidation phase, and is largely correlated to prevailing market circumstances and speculation. Key support and resistance levels are being watched by traders as they wait for direction in the next trade.
