Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus
Highlights
- The recovery trend in the PEPE price coin price will prolong until the lower support trendline is intact.
- According to Coinmarketcap data, the total market capitalization of the top meme tokens stands at $53.6 billion, reflecting an intraday loss of 3.7%.
- The 24-hour trading volume in the Pepe coin is $883.5 Million, indicating a 5% gain.
Contrary to the recent market movement, the Pepe coin price witnessed a notable outflow this week. The supply pressure from its previous all-time high resistance of $0.0000108 tumbled the asset by 18.8% to trade at $0.00000943. With the BTC a at $67000, the PEPE price wavers at the pivotal movement to resume the prevailing rally or enter a new correction.
Also Read: China To Drive Next Rally in Bitcoin, Gold Prices, Here’s How?
Whale Activity Contributes to PEPE Price Drop
The Pepe coin price has witnessed a steady recovery since last month under the influence of an ascending trendline in daily charts. This dynamic support uplifted the asset value from $0.00000393 to a new all-time high of $0.0000161, registering a 195% growth.
However, the overhead resistance at $0.0000108 prevented a daily candle closing and tumbled the PEPE price back to $0.00000925.
According to on-chain data tracker Spot On Chain, a recent transaction by a PEPE whale has significantly impacted the token’s price. Thirteen hours ago, a multisignature wallet identified as 0x1a2 deposited 457.9 billion PEPE tokens, worth approximately $4.54 million, to Binance. This move, interpreted as a stop-loss measure, contributed to a 6% price drop in PEPE.
Spot On Chain notes that this particular whale has a track record of poor trading decisions. Over the past 15 days, the whale has lost $717,000 (approximately 4.69%) from two separate PEPE trades. Historically, the whale’s transactions have often led to sharp price declines whenever large amounts of PEPE were moved.
However, this frog-themed memecoin currently hovers above the aforementioned support trendline seeking to be suitable for renewed recovery momentum. Along with the Bitcoin price sustainability above $65000, If the PEPE managed to hold above the rising trendline, the buyers could lead the next recovery leap to $0.0000138, followed by $0.0000167.
Technical Indicator
- BB Indicator: The midline of the Bollinger Band indicator offers additional support for buyers to prolong the recovery rally.
- Vortex Indicator: The VI+(blue) and VI-(orange) slope near a bearish crossover reflect that the prevailing recovery momentum is weakening.
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