As an experienced analyst, I’ve seen my fair share of market fluctuations, and the recent price drop of Pepe coin has piqued my interest. While the overall crypto market has shown signs of stability with Bitcoin holding above $67,000, the PEPE token took a hit this week.
Despite going against the current market trend, Pepe coin experienced a significant decrease in value this week. The price dropped by 18.8%, from its previous resistance of $0.0000108 down to $0.00000943. As Bitcoin remains steady at around $67,000, Pepe coin hovers near a critical juncture where it could either resume the ongoing rally or begin a new correction.
Whale Activity Contributes to PEPE Price Drop
The price of Pepe coin has been gradually rebounding since last month due to an upward trendline’s influence on its daily charts. This supportive trend boosted the asset’s value from $0.00000393 to a new record high of $0.00161, resulting in a 195% price increase.
As a PEPE investor, I’ve noticed that the price attempted to break through the resistance level at $0.0000108 during the daily trading session. However, this resistance proved too strong, causing the price to retract and fall back down to $0.00000925 instead.
Based on information from the blockchain monitoring tool Spot On Chain, a notable transaction by a large PEPE token holder has influenced the token’s value. Around thirteen hours ago, a multisignature wallet labeled as 0x1a2 transferred over 457.9 billion PEPE tokens, equivalent to around $4.54 million, to Binance. This action, assumed to be a protective measure, triggered a decline of about 6% in the price of PEPE.
As a researcher studying cryptocurrency trading patterns, I’ve taken notice of a notable whale in the PEPE market. This particular player has a history of questionable trading moves. Over the last fortnight, they’ve sustained a loss of around $717,000 (equating to roughly 4.69%) from two distinct transactions involving PEPE. In the past, this whale’s activities have been followed by significant price drops whenever large volumes of PEPE were exchanged.
This frog-themed memecoin, referred to as PEPE, hovers just above the mentioned support trendline in search of renewed upward momentum. If Bitcoin’s price remains stable above $65,000, PEPE may hold above its rising trendline, allowing buyers to initiate the next surge towards $0.0000138 and potentially reaching $0.0000167 thereafter.
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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2024-05-19 17:04