PEPE [PEPE] saw a 5.6% price increase, reaching $0.00000947 at the current moment. This surge in value is part of a larger uptrend observed in the cryptocurrency market. Despite this positive movement, PEPE remains down by approximately 7% over the past week.
Analysis of the one-day chart reveals multiple bullish indicators surrounding PEPE, hinting at a possible upcoming rally for the meme coin.
Over the last few months, PEPE has been trading below the 200-day Simple Moving Average (SMA) on the one-day chart, indicating a prolonged bearish trend. However, recent price action suggests a potential trend reversal as the coin approaches the resistance level.
A breakthrough above this resistance could signal a shift towards a bullish momentum, further supporting an uptrend in the coin’s value.
The Chaikin Money Flow (CMF) indicator demonstrates a rise in buying pressure paired with a decrease in selling pressure. At the moment, the CMF stands at 0.18, indicating growing interest in PEPE. Moreover, the green volume bars show dominant buying activity over the past four days.
If these positive trends persist and PEPE manages to surpass the $0.0000097 resistance level, it could potentially initiate a 36% price surge towards the 1.618 Fibonacci level at $0.0000129.
Notable Spike in PEPE Whale Transactions
Data provided by IntoTheBlock highlights a significant uptick in large transactions involving PEPE. Within a 24-hour period, these transactions surged from 1.96 trillion to 7.71 trillion, marking a substantial increase in value from $17M to $70M.
Whales currently hold 48% of the total PEPE supply, while retail traders control 27%. Given this distribution, any notable surge in whale activity is likely to impact price volatility significantly.
It appears that these whales are accumulating PEPE, coinciding with the recent price hike and heightened buying pressure. Should the optimistic market sentiment persist, PEPE may experience further upward movement.
The long/short ratio data reveals a consistent increase in positive sentiment towards PEPE. In the past three days, this ratio has risen from 0.87 to 0.99, indicating a shift towards closing long positions in favor of short positions.
Additionally, statistics from Coinglass indicate that PEPE funding rates have recently reached a weekly peak, indicating a rising number of traders opening long positions.