Pepe Coin Price Prediction Hints 200% Surge If This Pattern is Validated

Highlights

PEPE coin price found support at the 61.8% Fib retracement level.
Net negative exchange flows reveal investors are hoarding PEPE.
Pepe whales acquired 868.64 billion tokens yesterday, suggesting a potential price increase.

Pepe Coin price suffered over the weekend as it dropped below a crucial support level. Nevertheless, whale activity increased as an on-chain analytics firm noticed some large investors from Kraken picking billions of PEPE. Could they have some insight into the future PEPE? Technical analysis reveals they may be onto something, as the completion of this pattern could catapult Pepe 200% into the price discovery zone.

$6.18M Whale Accumulation Impact on Pepe Coin Price

Lookonchain, a blockchain analytics firm, discovered two wallets that withdrew 828.64 billion PEPE ($6.18 million) from the Kraken exchange on August 18.

2 wallets(likely belonging to the same person) withdrew 828.64B $PEPE($6.18M) from #Kraken 8 hours ago.

This whale sold 500B $PEPE 3 days ago at $0.000008 and bought 828.64B $PEPE at the lower price of $0.0000074.

The whale now holds 1.33T $PEPE($9.93M) but still loses $3.3M on… pic.twitter.com/P4AZmYfASY

— Lookonchain (@lookonchain) August 18, 2024

The wallet address, suspected to belong to the same person, now holds 1.33 trillion PEPE ($9.93M). Meanwhile, Ethereum whales are doing the exact opposite, including Ethereum founder Vitalik Buterin, who transferred 400 ETH ($1.05M) through a crypto mixer.

The pattern of reducing PEPE exchange reserves is evident across many other CEXs, not just Kraken.

Data from Coinglass shows the net exchange inflow for PEPE was negative for five days in a row, signaling that investors are anticipating Pepe Coin price to rise higher.

Pepe Coin Price Prediction — PEPE Spot Inflow/Outflow

Over the last 24 hours, Binance has had the largest net exchange flow of PEPE of up to $9.49 million, which shows the increased bullish sentiment, which may be explained in the PEPE technical analysis.

PEPE Unseen 200% Bullish Setup

PEPE price is trending downward, indicating a bearish market sentiment. The price has been consistently making lower highs and lower lows, but since August 16, there seems to be support forming that may turn the tables around for PEPE.

The recent candles exhibit small body candlesticks near $0.00000700 support, indicating indecision and a possible weakening of selling pressure.

If Pepe Coin price sustains above this support level and begins rising higher, it may complete a double-bottom pattern, which is a bullish reversal market structure. If that happens, the price of PEPE may surge 78% to $0.00001600.

Additionally, PEPE current support level coincides with the 0.618 Fibonacci retracement level, which further strengthens this zone.

A bounce from the 61.8% Fib retracement level could catapult PEPE to the 0.27 Fib extension level around $0.00002250, which is more than a 200% (4X) increase from the current price.

The moving average convergence/diverge (MACD) line is below the signal line, and both are in negative territory. This indicates a continuing bearish momentum, though the histogram bars are showing signs of possible weakening bearish momentum.

If PEPE bulls lose this level of bears it will be a show of great weakness and may invalidate the current bullish thesis. The Pepe Coin price may drop lower to test the next lower support level around $0.00000475, a 35% drop from the current price.

Frequently Asked Questions (FAQs)

1. What is the significance of the recent whale activity?

On August 18, two wallets withdrew 828.64 billion PEPE ($6.18M) from Kraken, now holding 1.33 trillion PEPE ($9.93M). This large accumulation suggests a bullish outlook for Pepe Coin.

2. How does the reduction in exchange reserves affect Pepe Coin price?

The drop in PEPE reserves across exchanges, including Kraken, and the negative net inflow over the past five days suggest investors are holding coins, anticipating a price increase.

3. How does the current price compare to historical support levels?

Pepe Coin price is testing historical support levels, including the 61.8% Fibonacci retracement, which may indicate future price movements and potential reversals.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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