According to crypto sources, recent on-chain activity in the PEPE market shows big whales moving billions of PEPE tokens into exchanges. This is putting PEPE back in the spotlight as such whale activity is sparking a reversal. But will it be enough to keep the trend bullish or will resistance and sentiment keep prices in check?
Whale Activity Points to Reversal
In the last 30 hours, one whale reportedly moved 427 billion PEPE worth $8.5 million to Kraken, sparking some wild price action after that. The same whale now currently has 1 trillion PEPE worth $18.4 million and is making big profits from previous sales, reports say.
Apparently, the whale made $2 million from one position alone. It earlier made $11.7 million in profits on PEPE and is still bullish on the token.
Despite this whale optimism, at the time of writing PEPE was trading at $0.00001771, down 10.18% in the last 24 hours. This is making the market question if it is set up for a rally or more resistance.
Key Levels to Watch for PEPE Price
The current price of PEPE is testing the very important support around $0.00001701 demand zone. Analysts suggest that if this support holds, the price could bounce up to $0.00002196.
However, it all depends on if buyers can keep the momentum going. If selling pressure increases, PEPE may not hold at current levels and could go lower.
Network Growth: Temporary Slowdown or Bearish Indicator?
PEPE network growth has slowed down and added only 2006 new addresses at the time of writing. This means user activity and transaction volume have decreased after the recent price action.
While this might be a temporary “cooling off” period, the long-term implications for PEPE price are if whale activity can rekindle investor interest and, by extension, growth on the network. Sustained network growth is needed for any price appreciation to happen.
Technical Indicators: Mixed Signals
- Parabolic SAR: Current price is above the dotted SAR lines, seemingly bullish.
- Directional Movement Index (DMI): +D (17.876) and -D (20.485) suggest bearish control, and ADX is 19.20. Buyers could reverse the momentum to turn these indicators into bullish. Any buying pressure could flip these indicators in favor of the bulls.
- Long/Short Ratio: 65.07% of positions are long, showing bulls are in control. These indicators are pointing up, but need more buying pressure to break the resistance.
Breaking Resistances: The Big Hurdle
PEPE needs a big price move to overcome resistance and hold buying pressure. With the whale’s move and long/short ratio in favor of the bulls, the current bias of the meme coin is set up for a rally.
However, the market is still fragile, and any flip to bearish dominance could make the upward momentum struggle. Investors should keep an eye on: Whale activity and its effect on market liquidity, Support at $0.00001701 holding and Resistance at $0.00002196.
PEPE’s fate will be decided by the support and resistance levels. While whale activity and bullish sentiment is a good sign for a price reversal, sustained buying interest and network growth are needed for long-term success. For now, PEPE is at a crossroads; the next few trading sessions will decide the direction. Investors should be cautious and watch the market closely.
Stay updated with Deythere as we’re available around the clock, providing you with updated information about the state of the crypto world.
FAQs
1. Why has PEPE price dropped?
PEPE price dropped due to increasing selling pressure and slow network growth while whale is moving up.
2. How does whale activity affect PEPE price?
Whale activity affects liquidity and market sentiment. Big token movement is often the source of price change, therefore sparking speculations and buying or selling behavior.
3. What are the key resistance and support levels for PEPE?
Support: $0.00001701, Resistance: $0.00002196. Whether PEPE breaks support and resistance will decide the direction in terms of price.
4. Is it worth investing in PEPE now?
PEPE is a highly speculative investment and the market is very volatile. Potential investors should do their own research and watch the market before putting in money.
5. What’s the role of network growth in PEPE’s price movement?
Network growth signifies user activity and adoption. It might reflect a lack of interest, while growth could fuel demand and, therefore, price momentum.
