PEPE’s price is poised for a potential 27% surge to $0.0000100, rebounding from a key support level. Recent whale activity, characterized by significant dumping over the past week, historically signals an upcoming rally. Approximately $623 million worth of PEPE stands on the brink of profitability, likely motivating investors to refrain from selling.
In recent days, the price of PEPE has dropped, but this could actually be setting the stage for a comeback. Interestingly, whales, or large investors, are acting in ways that match up with past patterns, adding to the possibility of a positive turn.
Optimism Surrounds PEPE as Whales Sell and Profits Loom
PEPE’s price is heavily influenced by whale addresses, which hold a significant amount of the coin. Typically, when whales start selling, it’s viewed as a negative sign, indicating a lack of confidence in the asset.
However, for PEPE, the situation is different. Over the last five days, the supply held by the top non-exchange addresses has decreased by 2.5 trillion PEPE, valued at nearly $20 million. This decline suggests optimism among investors.
Historically, when PEPE whales sell, it’s often followed by a sharp price increase. The larger the selling, the greater the rally. Given that whales are already selling, a similar scenario is anticipated this time.
PEPE Whale Holdings. Source: Santiment
This decrease in supply is the initial indication that a rally could be on the horizon. Additionally, many PEPE holders are on the verge of making profits. A significant amount of PEPE, totaling over 79 trillion and valued at $623 million, was purchased at prices ranging from $0.0000070 to $0.0000099. Once PEPE reaches a new all-time high, these holdings will become profitable.
Dogecoin Supply Distribution. Source: IntoTheBlock
With such a substantial amount of supply awaiting profitability, investors are likely to refrain from selling, thereby boosting the PEPE price further.
PEPE Price Eyes Completion of Anticipated Rally
Currently, PEPE’s price is trading above the critical support level of $0.0000077. The meme coin appears poised to fulfill the anticipated 60% rally forecasted earlier. This target was established by the descending wedge pattern PEPE was in before breaking out two weeks ago.
Despite the rally, PEPE has not yet reached its target and remains 27% away from the $0.0000100 mark. However, considering the factors mentioned above, there’s potential for PEPE to achieve this rally and establish $0.0000100 as a support level.
PEPE Price Analysis. Source: TradingView
Nevertheless, if PEPE’s price drops below the support level of $0.0000077, it could decline to $0.0000063. Such a loss of support would invalidate the bullish outlook, leading to further losses for investors.
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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