Pepe Coin’s price experienced a significant decline following the news that the US government transferred 10,000 BTC from the Silk Road wallet. This caused the Crypto Fear and Greed Index to drop from 30 to 29 in the last 24 hours, heightening market anxiety. Despite the declining price of PEPE, the actions of whales and investors suggest a potential rebound soon.
PEPE Coin Price Analysis
Over the past 24 hours, PEPE’s price declined by 4.24%, trading at $0.000007964, which broke the symmetrical triangle pattern on the price chart. The symmetrical triangle formed by the highs and lows indicates that PEPE is presently in a downtrend. The price has fallen below the 50-day EMA at $0.00000829 and the 200-day EMA at $0.00000961, reinforcing the bearish trend.
The recent break below the formation anticipates a continuing downtrend, with possible support at $0.00000700. Recent movements recorded a low of $0.00000600. The MACD indicator also signals a bearish trend, showing increased downward momentum, with the MACD line positioned below the signal line.
Whales Are Buying PEPE
Notably, whale activity around PEPE has surged in the past 48 hours. Data from IntoTheBlock reported a 192% increase in large address transactions between August 13-14, indicating growing bullish sentiment among significant holders.
Conversely, Coinglass data revealed a negative PEPE Spot net flow on August 14. The previous day saw about $5.95 million in PEPE reserves, with a $1.27 million positive net flow compared to the day before, signaling whales’ interest in acquiring PEPE at lower prices.
Concrete Insights from Whale Activity
Whale orders at specific price levels reflect strategic buying interest:
- Orders worth $2.6 million at $0.00000579 and $0.00000670 levels.
- These orders have been present in exchange order books for about nine days.
- Such activity indicates a strong inclination to accumulate PEPE tokens at lower prices.
- This could signal a potential price rise, driven by whale accumulation strategies.
These insights suggest that despite immediate bearish trends, underlying whale activity might pave the way for a recovery in PEPE’s price.
If PEPE bulls manage to control the market and initiate an uptrend, the price could move past the symmetrical triangle, negating the current bearish pattern. The new target might be the 200-day EMA as the next significant resistance level.