PEPE has been experiencing a revival recently, despite possible whale pressure from some whales. The current trading volume is impressively at $875.6 million. This has taken PEPE into a remarkable recovery phase after a period of suppressed performance, despite achieving new all-time highs on several occasions in the past few weeks.
Whale activity impact
A major PEPE whale’s recent moves involved the transfer of 700 billion PEPE tokens worth about $7.8 million to Binance. Consequently, speculations have started within the community that this may be followed by future sell-offs hence impacting on market dynamics. That said, this particular investor also retains 800 billion PEPE tokens worth around $9.23 million in an address that begins with 0x8376… Despite those holdings, it’s understood that due to some decisions made by this trader they have lost approximately $3.5 million and this could be what drives them to sell off some of their possessions.
Technical Analysis and Market Sentiment
Nevertheless, given what is happening with the whale, there are positive signs from the technical analysis conducted by several respected crypto analysts about the price of PEPE. For example, Bluntz stated that PEPE had made “a nice 5 wave rise and abc back down,” which usually means bullish continuation can be expected.
Additionally, ChartMonkey found out that recently the coin was able to break out of a descending channel on shorter time frames which suggests an end of correction phase and start of bullish trend. In this context Davie Satoshi further highlights that currently PEPE is testing its upper boundary of price channel suggesting that it may breakout soon to begin another leg up in broader altcoin + meme coin rally.”
Technical Analysis of PEPE Coin: Recent Trends and Indicators
The current price activity of the PEPE coin on the daily chart portrays a resilient and potentially upward moving trajectory. In the past few months, this cryptocurrency has been very volatile with a much stronger bullish movement in early March that saw its prices hit unprecedented limits. Consequently, PEPE underwent consolidation phase; which is characterized by higher lows and lower highs that usually means the market is indecisive but leaning towards bullishness. The simple moving average (SMA) at 20-day close currently stands at about 0.000001194, slightly above the latest trading price therefore suggesting potential resistance area bulls may need to break through.
Moving Average Convergence Divergence (MACD), is another indicator used to define changes in strength, direction, momentum and duration of trends in stock prices; it is currently showing a convergence. This can be observed because MACD line(blue) gets closer to signal line(orange) thus indicating diminishing bearish momentum and maybe an impending bullish crossover shortly. This prospective crossover could give birth to another uptrend as long as there will be continued interest from buyers. Also, histogram bars which represent the difference between MACD line and signal line are becoming smaller,further supporting the scenario of diminishing bearish pressure
