PEPE token has recently witnessed fluctuations in market activity, prompting some large holders to divest a portion of their assets.
Notably, a significant whale recently withdrew 375.35 billion $PEPE valued at $3.71 million from the Binance platform. This move has raised questions about its impact on the price of PEPE.
Upon closer examination, the PEPE/USDT trading pair on Bybit platform displayed a modest recovery following a recent downtrend. The token’s price dropped to a low of $0.012238 before recovering to $0.013036, marking a 3.33% upturn.
Nonetheless, the overall market structure remains fragile, encountering resistance around the $0.0135 mark.
Furthermore, the Relative Strength Index (RSI) stood at 56.15, indicating a neutral market momentum that leans towards overbought conditions should buying pressure persist. The Funding Rate recorded at 0.0063 reflects a slightly positive sentiment in the derivatives market.
With the recent price decline and absence of robust bullish momentum, PEPE’s ability to sustain upward movement may be challenged unless there is a surge in buying pressure.
Impact of Major Transactions on Market Sentiment
Analysis of the PEPE/USDT pair on Bybit platform suggests a slight recovery following a recent downward trend. The price hit a low of $0.012238 before bouncing back to $0.013036, up by 3.33%.
However, the market structure remains feeble, encountering resistance at $0.0135.
Exploring User Engagement Trends and Network Activity
A noticeable decline in the number of new and daily Active Addresses has been observed. Data from IntoTheBlock indicates that New Addresses decreased by 25.14%, while daily Active Addresses shrunk by 10.73%.
This trend suggests diminishing interest in PEPE, potentially undermining its long-term sustainability.
If this trend persists, PEPE may witness reduced demand, leaving it vulnerable to further price adjustments.
However, a stabilization in activity could signal a potential market bottom, possibly paving the way for accumulation before a bullish cycle resumes.
Evaluating Market Participants’ Behavior Patterns
An examination of Bulls and Bears activities reveals an ongoing battle between buying and selling pressures. Data indicates 132 bulls against 127 bears, indicative of a relatively balanced sentiment.
Yet, the dominance of the bears in the lower segment of the chart implies sustained selling pressure from this group.
The net gap between bullish and bearish positions has varied, with a gradual increase in bearish sentiment over time.
While occasional bullish pushes have led to price increases, continued bearish momentum has hindered prolonged uptrends. If bears maintain control, PEPE might struggle to sustain gains, leading to further retracements.
For traders, monitoring changes in the bull-to-bear ratio remains imperative. A substantial rise in bullish sentiment could signal a reversal, while persistent bearish dominance may hint at further downside risks.
PEPE currently faces conflicting signals from various indicators. While recent price movements exhibit a minor recovery, the influence of whale transactions could impact future trends.
If buying interest strengthens and active addresses rebound, PEPE could experience a resurgence in momentum.
Conversely, if whale activities prompt additional sell-offs, the token could face increased downward pressure in the short term.