Pepe (PEPE) has shown a promising upward trend, indicating a potential 27% rally. After a recent dip, the price of PEPE is positioned to bounce back from a crucial support level of $0.0000077, which could catalyse a surge to $0.0000100.
Whale activity, particularly the significant selling of PEPE tokens, has historically signalled an impending price increase. Over the past week, whales have sold approximately 2.5 trillion PEPE, worth nearly $20 million, which may indicate an optimistic outlook for the meme coin.
PEPE/USD 24-hour price chart (source: TradingView)
Whale addresses, which hold substantial amounts of PEPE, significantly influence its price movements. Contrary to typical market reactions where whale selling might indicate a lack of confidence, in the case of PEPE, such activity has historically preceded price rallies.
The current sell-off by whales is a potential precursor to a price surge. Additionally, around $623 million worth of PEPE is on the verge of becoming profitable, providing an incentive for investors to hold rather than sell, further supporting a bullish scenario.
Technical analysis suggests that PEPE is trading above the crucial support level of $0.0000077. This level is pivotal for the meme coin to continue its anticipated 60% rally. Despite recent gains, PEPE is still 27% from reaching $0.0000100.
If PEPE maintains its position above this support, it will likely achieve this target, securing $0.0000100 as a new support level. However, if the support level is breached, the price could fall to $0.0000063, negating the bullish outlook and causing further investor losses.
Today's live Pepe price is $0.000008, with a 24-hour trading volume of $785,372,808. PEPE has increased by 3.82% in the last 24 hours, indicating a positive market sentiment. The current CoinMarketCap ranking is #30, with a live market cap of $3,412,926,786.
PEPE/USD 24-hour price chat (Source: CoinMarketCap)
Recent market performance shows that PEPE's price has experienced a 30.93% increase over the past week despite a slight drop of 3.35% on the last day. With a market capitalization of approximately $3.31 billion, PEPE holds a significant position among cryptocurrencies.
While PEPE's recent performance and whale activity suggest a bullish trend, the market remains cautious. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show mixed signals.
PEPE/USD 24-hour price chart (source: TradingView)
The RSI is balanced, not indicating an overbought or oversold condition, while the MACD shows a potential for a bullish crossover. These indicators suggest that while there is potential for further gains, the market remains in a consolidation phase, lacking a clear directional preference.