After reaching $0.00002836, PEPE has faced challenges in sustaining an upward trend, leading to a dip to a local low of $0.00002164. Nevertheless, the memecoin has shown signs of recovery on the price charts since then.
Currently, PEPE is trading at $0.00002423, reflecting a 3.78% rise on a daily basis.
The ongoing positive movement of PEPE has attracted more attention from whales. Some whales are taking advantage of the recent surge, while others are increasing their holdings, anticipating further profits.
Whale Action: 2.1 Trillion Tokens Sold
Reported by Lookonchain, a long-dormant PEPE whale recently moved all 2.1 trillion tokens valued at $52 million to a new wallet.
This early PEPE holder acquired the tokens for a mere 0.0135 ETH, equivalent to $27. The whale has held onto these assets until this recent transfer.
This transaction carries significant implications. The shift of tokens to exchanges for potential selling can escalate selling pressure. Conversely, if the whale is moving tokens to more secure storage, it may signal a bullish outlook.
Price Impact Assessment
Currently, PEPE is witnessing short-term bearish sentiment among large holders and retail traders.
Notably, the inflow of tokens held by major holders has dropped from 12.78 trillion to 5.48 trillion in the past week. This decline suggests diminishing confidence in the market when whales reduce their token holdings.
Further demonstrating this bearish trend is the declining Relative Strength Index (RSI) of PEPE. The lower RSI signifies reduced buying pressure as the market adjusts post-recent rally, with current RSI level of 58 indicating a competitive balance between buyers and sellers.
Future Prospects for PEPE
Analysis from CryptoCrypto indicates a market correction for PEPE following a rally, resulting in temporary bearish sentiment. However, underlying fundamentals are strengthening, suggesting that the bearish sentiment may be short-lived.
Although experiencing short-term price weaknesses, PEPE’s Adjusted Price DAA Divergence has remained positive, signaling improved fundamental metrics like network activity. This divergence hints at potential price growth in the near future.
With a positive long-term sentiment, PEPE may see further gains and potentially breach the $0.0000256 resistance level. However, if bearish pressures persist, prices could retreat to $0.00002319.