Price Analysis

Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus

Pepe coin price saw a 195% rise, reaching a new high of $0.0000161 before dropping to $0.00000925 due to whale activity. Will the renewed supply pressure push the memecoin to $0.0000782?

Published by

Sahil Mahadik

Published 19 May, 2024 | 01:16:59 PM UTC

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

Pepe Coin Price| Tradingview

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.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Published 19 May, 2024 | 01:16:59 PM

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