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Can $Pepe Overcome Whale Selling to Reach $0.00001? – Crypto News
Pepe Coin Price Analysis: Since last weekend, Bitcoin has been in a consolidation phase, facing challenges in maintaining a position above the psychological threshold of $65,000. This stagnation in Bitcoin’s recovery has impacted several altcoins, including the Pepe coin, which has pulled back from its resistance level of $0.00000920.
Over the past three days, Pepe coin has seen a 10% decline in value. However, the decrease in trading volume suggests a lack of conviction from sellers. Is a rally to $0.00001 high possible?
Also Read: Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?
Whale Selling Sparks Concerns for Pepe Coin’s Bullish Momentum
Over the past three weeks, the Frog-themed memecoin— PEPE witnessed a steady recovery displayed through new higher low higher high formation in the daily chart. This bullish rally recorded around 113% growth as the price jumped from $0.00000393 support to a $0.00000918 high.
Amid this rally, the PEPE price developed a well-known bullish reversal pattern called the inverted head and shoulder pattern. This pattern commonly spotted at the market bottom signals a major change in trend dynamic and renewed accumulation from market participants.
On May 4th, the coin price gave a decisive breakout from the neckline at $0.000008 favoring buyers to drive a sustainable recovery. However, with the weekend consolidation in Bitcoin, the PEPE price shows a minor retest to the breached resistance, allowing buyers to showcase its sustainability for a higher rally.
In a recent event tracked by Spot On Chain, a significant PEPE cryptocurrency transaction occurred when a multisign wallet deposited 1.238T PEPE ($10.6M) into Binance, causing a 5.2% price drop. This whale held the PEPE for just three days and, if sold, earned a modest 1.28% profit ($134K). This rapid transaction raises speculation about potential insider knowledge influencing the sale.
3 hours ago, this multisign wallet deposited all 1.238T $PEPE ($10.6M) to #Binance, causing the price to drop abruptly by ~5.2%.
The whale held those $PEPE for only 3 days and would realize a small profit of only $134K (+1.28%) if truly selling.
Did the whale know something and… https://t.co/bUJ4A6lOx6 pic.twitter.com/iq89A3O4M7
— Spot On Chain (@spotonchain) May 7, 2024
Thus, with a bullish retest to $0.000008, the PEPE price is at the pivot level. Sustaining the recent breakout will drive a rally back to $0.000012.
On a contrary note, the whale selling hints at the possibility of a bearish breakdown which will invalidate the bullish thesis.
Technical Indicator
- Exponential Moving Average: The PEPE price jump above the daily EMAs (20 and 50) indicates a short-term trend returns to a recovery trend.
- Average Directional Index: An uptick in ADX slope at 17% accentuates the buyers have sufficient momentum to lead a higher rally.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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