Recent significant whale activity within the PEPE market has garnered attention, as 427 billion PEPE tokens ($8.5M) were deposited into Kraken in the last 30 hours, leading to noticeable shifts in the market.
With a total holding of 1 trillion PEPE tokens ($18.4M), the whale has seen substantial profits, including a $2M gain from its latest trading position.
Past earnings of $11.7M from PEPE indicate strong confidence in the token’s potential.
Currently, the memecoin is priced at $0.00001845, reflecting a decline of -10.18% over the past 24 hours. Will this whale activity trigger a new uptrend, or will resistance levels impede progress?
The Forecast for PEPE’s Price Momentum
The price movement of PEPE is teetering at a critical point. It is currently testing crucial support levels, hovering close to the demand area around $0.00001701.
If the price manages to hold this level, there is a possibility of a bounce towards the significant resistance level at $0.00002196.
Conversely, increased selling pressure could lead to a downward trend. The ability of buyers to maintain control and prevent further declines will be pivotal in allowing upward price movement.
Can Network Growth Indicate a Bullish Trend?
Network growth has shown a decline, resting at 2006 currently. This decline suggests a slowdown in user engagement and transactions, typically following significant price fluctuations.
Yet, this could potentially be a transient period of stabilization. The impact of this decline on long-term pricing hinges on whether whale activity can stimulate renewed network expansion and improve investor confidence.
Evaluating Technical Signals
The Parabolic SAR highlights that the price is positioned above the dotted lines, signaling bullish momentum. With PEPE trading at $0.00001705, there is an indication of positive market sentiment.
The Directional Movement Index (DMI) displays +D at 17.876, -D at 20.485, and ADX at 19.20. These figures reveal the continued control by bears, albeit with weak trend strength.
Should buyers intensify their pressure, a shift in momentum could occur, potentially leading to bullish dominance.
Is PEPE Poised to Overcome Resistance Levels?
Upon scrutinizing the Long/Short Ratio, it reveals that 65.07% of positions favor long positions, indicating bullish sentiment. This prevailing bias towards long positions, in conjunction with recent whale activity, hints at the potential for PEPE to breach crucial resistance thresholds.
However, a shift in sentiment towards selling pressure could impede any upward trajectory. The success of PEPE’s potential rally relies on sustained buying interest and conquering key resistance barriers.
PEPE exhibits promise for further advancement due to whale participation and robust bullish sentiment. Yet, the ability to surpass critical resistance levels remains pivotal.
If it retains support and breaches resistance barriers, a surge in price could be on the horizon. Conversely, lacking ample buying pressure may result in resistance hindering progress.
Hence, PEPE’s capability to surpass resistance levels will dictate its forthcoming price action.