Pepe’s Whale Interest Skyrockets

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What’s Next For Pepe Price
What’s Next For Pepe Price

Pepe Price is gearing up for 100x gains in the upcoming altcoin season. The meme coin market has seen a strong recovery due to increased buying demand in the cryptocurrency market. As the price of Bitcoin aims to rise above $65,000, Pepecoin is headed sharply towards its previous all-time high. However, as the rally slows, analysts are beginning to worry about the possibility of a pullback.

Interest of Pepe’s whales is Increasing.

Pepe, the meme coin, now has a market cap of $4.6 billion. Over the past 24 hours, its trading volume has increased to $3.6 billion, reflecting growth of more than 2%, despite market fluctuations. According to CoinMarketCap, Pepe is ranked 23rd in the crypto market.

This current uptrend around the new ATH is expected to continue for several days due to increased trading activity. According to data from IntoTheBlock, large transactions for Pepe rose from a low of 134 txs to 728 txs, triggering an increase of over 443%. This strengthened buying sentiment around each support line.

Bearish Pullback Option.

Despite this, the volatility metric has not increased as it continues to fall towards 125%. This could create opportunities for a bearish pullback from the recent high.

Pepe coin’s recent surge highlighted the whale’s significant gain. Using the address 0xe7d0, the whale accumulated $13.9 million in three months. From December 2023 to February 2024, this whale invested 1.56 million USDT to get 1.40 trillion PEPE.

Unbelievable $PEPE profits.

They recently sold 140.4 billion PEPE for 1.75 million DAI, recouping their initial investment as the coin reached an all-time high today. The address now holds 1.26 trillion PEPE, currently worth $13.9 million, representing a net profit. If the address decides to liquidate all stakes, we may see a strong rejection of the Pepe price, leading to a sudden drop.

What’s next for Pepe Price?

Pepe’s price is currently witnessing an increase in bearish pressure after witnessing a sell-off around the recent high of $0.0000116. The price is trying to break below the EMA20 trendline to confirm a clear trend. At the time of writing, Pepe is trading at $0.0000102, down more than 1.5% in the last 24 hours.

Buyers are trying to keep the price above the 20-day EMA ($0.00001). If successful, the PEPE/USDT pair can go as high as $0.0000116. This is a key level for the bears to defend as a rise above it could pave the way for overhead resistance to rise between $0.000015 and $0.000017.

Conversely, a break and close below the $0.00001 to $0.000008 support zone will complete the bearish pattern. The pair could then drop to strong support at $0.0000055. With the RSI level falling sharply towards the midline, the bears currently have the advantage of dominating the price chart.

In the 1-hour time frame, Pepe’s long/short ratio has surged and is currently trading at 1.1839. This suggests that more than 54% expect an upward turn. At the time of writing this blog.

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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).