The meme coin market has seen a strong revival due to increased buying demand in the cryptocurrency market. As Bitcoin’s price aims to rise above $65,000, Pepecoin is trending sharply toward its previous all-time high. However, with the rally slowing down, analysts are beginning to worry about the possibility of a pullback.
Pepe’s Whale Interest Skyrockets
Pepe, a meme coin, now has a market capitalization of $4.6 billion. Over the past 24 hours, its trading volume increased to $3.6 billion, reflecting a growth of over 2%, despite market fluctuations. According to CoinMarketCap, Pepe ranks 23rd in the crypto market.
This current upward trend around new ATH is expected to continue for several days due to increased trading activity. According to IntoTheBlock data, the large transaction for Pepe surged from the low of 134 txs to 728 txs, triggering a surge of over 443%. This has boosted the buying sentiment around each support line.
Despite this, the volatility metric hasn’t surged as it continues to decline toward 125%. This might create possibilities of a bearish pullback from the recent high.
Pepe coin’s recent surge has highlighted a significant profit by a whale. The whale, using the address 0xe7d0, accumulated $13.9 million within three months. From December 2023 to February 2024, this whale invested $1.56 million USDT to acquire 1.40 trillion PEPE.
Also read: Incredible $PEPE Gains: Investor Turns $3K into $46M!
Recently, they sold 140.4 billion PEPE for 1.75 million DAI, recovering their initial investment as the coin reached an all-time high today. The address now retains 1.26 trillion PEPE, currently valued at $13.9 million, representing pure profit. If the address chooses to liquidate all the holdings, we might see a strong rejection in Pepe price, resulting in a sudden drop.
What’s Next For Pepe Price?
Pepe price is currently witnessing a surge in bearish pressure after witnessing selloff around the recent high of $0.0000116. The price is attempting to drop below the EMA20 trend line to validate a clear trend. As of writing, Pepe price trades at $0.0000102, declining over 1.5% in the last 24 hours.
Buyers are attempting to keep the price above the 20-day EMA ($0.00001). If successful, the PEPE/USDT pair might rise to the high of $0.0000116. This is a crucial level for the bears to defend, as a rally above it could pave the way for an increase to the overhead resistance zone between $0.000015 and $0.000017.
Conversely, a break and close below $0.00001-$0.000008 support zone will complete a bearish pattern. The pair could then drop to the strong support at $0.0000055. As the RSI level is now declining sharply toward the midline, bears currently have an advantage to dominate the price chart.
In the 1-hour time frame, the long/short ratio for Pepe has been surging and currently trades at 1.1839. This suggests that over 54% are expecting a bullish turnaround.
