In a break from recent market trends, Pepe Coin’s price experienced a significant rise this week. The token faced supply pressure from its previous all-time high resistance of $0.0000108, resulting in an 18.8% price drop to $0.00000943. With Bitcoin hovering around $67,000, PEPE’s price is teetering between maintaining its current uptrend or entering a new phase of correction.
What Drives Whale Activity in PEPE?
Since last month, Pepe Coin has shown a robust recovery pattern, bolstered by a rising trend line in daily charts. This support mechanism allowed the altcoin to surge by 195%, moving from $0.00000393 to an all-time high of $0.0000161. However, the resistance level of $0.0000108 curtailed this growth, dropping the price to $0.00000925.
According to crypto analytics firm Spot On Chain, a recent large transaction by a PEPE whale had a notable impact on the token’s price. The multi-signature wallet identified as 0x1a2 transferred approximately $4.54 million worth of 457.9 billion PEPE tokens to Binance, which was viewed as a stop-loss tactic and resulted in a 6% price drop. Historical data suggests this whale has made poor trading decisions, losing $717,000 from two separate PEPE transactions in the last 15 days.
How Does PEPE’s Price Analysis Look?
Despite these fluctuations, PEPE continues to trade above its support trend line, potentially aligning with renewed recovery momentum. If Bitcoin can maintain its price above $65,000 and PEPE stays above the rising trend line, buyers might push the next recovery targets to $0.0000138 and subsequently to $0.0000167.
Actionable Insights for Traders
- Monitor Bitcoin’s stability above $65,000 as it influences PEPE’s potential upward movements.
- Watch for PEPE’s ability to sustain above the rising trend line to anticipate possible price surges.
- Stay cautious of large whale transactions that historically lead to sharp price drops.
In conclusion, while Pepe Coin has shown promising recovery signs, its future price movements are closely tied to both market trends and significant whale activities. Traders should keep an eye on these factors to make informed decisions.