PEPE price has consolidated within the $0.00009 – $0.000096 range between July 8 and July 11. PEPE whale transactions have nearly doubled in daily volume this week, according to the latest on-chain data trends. Technical indicators show that a breakout above $0.000010 could trigger larger short-term gains.
Between July 8 and July 11, PEPE’s price stayed within the narrow range of $0.00009 to $0.000096. On-chain data shows increased whale activity on the PEPE network as the official launch of Ethereum ETFs in the US approaches.
PEPE Whale Activity Increases Ahead of Ethereum ETF Launch
After a rough start to the week, global crypto markets received a boost on Wednesday. Bitcoin (BTC) rebounded above $58,000, while Ethereum (ETH) reclaimed the $3,100 level. This market rebound has been attributed to increased demand from Bitcoin ETFs and growing buzz surrounding the imminent launch of Ethereum ETFs.
As Ethereum’s second-largest memecoin project, PEPE is expected to experience bullish tailwinds when the ETH ETFs start attracting investment inflows into the ecosystem. Recent market events suggest that PEPE investors are already preparing for this landmark event.
While PEPE’s price has yet to record a major move in the last 48 hours, a close look at the price chart shows that bulls are actively consolidating their positions. Last week’s market sell-off and widespread liquidations sent PEPE spiraling to a 100-day low of $0.000076 on July 5. However, since then, bulls have triggered a 23% rebound.
With the Ethereum ETFs launch taking center stage, retail bull traders are weighing their options, causing the PEPE price recovery to halt around $0.00009 over the last 48 hours. However, on-chain data shows that whale investors are capitalizing on the stagnant prices to accumulate more PEPE tokens, likely in a bid to front-run potential gains from the expected inflows from Ethereum ETFs.
The IntoTheBlock chart below tracks the daily volume of all PEPE transactions exceeding $100,000, providing real-time insights into changes in large investors’ trading activity. As seen above, PEPE whale transaction volume dropped to $70.81 million on July 6 following the crypto market crash. But as prices dropped to a 100-day low, on-chain data shows that large investors instantly increased their buying activity.
PEPE Price vs. Whale Transactions | IntoTheBlock
The latest data compiled by IntoTheBlock shows that PEPE whale transactions have been on the rise this week, reaching $135.7 million as of July 11. An increase in whale transactions during a market consolidation phase suggests that large investors are capitalizing on the price dip to stack up on their holdings. The increased market liquidity from the surge in whale transactions also helps small-hold investors exit their positions without triggering wild price volatility.
This puts PEPE in a prime position for an imminent breakout in the days ahead, especially if the Ethereum ETF launch triggers widespread market demand.
PEPE Coin Shows Signs of Recovery Amid Consolidation
PEPE coin has shown a modest recovery, currently trading at $0.000009323764, reflecting a 1.33% increase. The chart highlights that PEPE has been consolidating around the $0.000009 level, suggesting that traders are cautiously optimistic about a potential breakout. The Parabolic SAR dots are closely trailing the price, indicating that the bullish momentum is gradually building up.
The Relative Strength Index (RSI) is at 41.04, approaching the neutral zone, which suggests that PEPE is neither overbought nor oversold. This RSI positioning provides room for upward movement without immediate risk of a correction. If the RSI can break above 50, it would signal stronger bullish momentum and could propel the price towards the next resistance level.
PEPE Price Forecast | July 2024 | TradingView
The immediate resistance is at $0.000010, which is a psychological barrier and a previous support level. A breakout above this level would be significant, potentially driving the price towards the $0.000011 level, as indicated by the Parabolic SAR strategy.
On the downside, strong support is seen around $0.0000085. If the price fails to hold above this level, it could trigger a pullback toward $0.0000075. However, the current indicators suggest that the bulls are likely to defend the $0.000009 support zone, aiming for a breakout above $0.000010 in the short term. Traders should watch for increased volume and a rising RSI to confirm the bullish breakout.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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