As a seasoned analyst with years of experience in the cryptocurrency market, I have seen my fair share of whale activity and its impact on coin prices. The recent $6.18M whale accumulation of PEPE tokens by two wallets suspected to belong to the same person is intriguing, to say the least. This move could very well be a sign that these investors see value in PEPE’s future price discovery zone.
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
On August 18, it was found by Lookonchain, a blockchain analysis company, that two digital wallets took out approximately 828.64 billion PEPE tokens (equivalent to around $6.18 million) from the Kraken trading platform.
2 wallets, possibly linked, withdrew approximately 828.64 billion dollars worth of the meme cryptocurrency $PEPE (equivalent to around 6.18 million US dollars) from Kraken exchange about 8 hours back.
3 days ago, this whale offloaded 500 billion PEPE tokens at a price of $0.000008 each and then purchased an additional 828.64 billion PEPE tokens at the lower cost of $0.0000074 per token.
The whale now holds 1.33T $PEPE($9.93M) but still loses $3.3M on…
— 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.
Information from Coinglass indicates that there has been a continuous outflow of funds from exchanges related to PEPE over the past five days, suggesting that investors believe the value of Pepe Coin will increase further in the near future.
Over the past day, I’ve observed that Binance has experienced the highest inflow of PEPE tokens to the tune of approximately $9.49 million. This surge suggests a growing bullish sentiment among investors, a trend that can potentially be further explored through a technical analysis of PEPE.
PEPE Unseen 200% Bullish Setup
The cost of PEPE is declining, suggesting a pessimistic outlook in the market. It’s been showing a pattern of successively lower peaks and troughs, yet since August 16, there appears to be a potential support building that could potentially reverse the trend for PEPE.
In simpler terms, the latest candles are showing small bodies close to the support at $0.00000700, suggesting uncertainty and potentially lessening buying pressure, which might indicate a potential decrease in price.
As a researcher observing the Pepe Coin market, if the coin’s price consistently holds above its current support level and starts to climb higher, it could potentially form a double-bottom pattern – a constructive bullish reversal in market structure. If this pattern materializes, we might witness a significant 78% increase in the price of PEPE, reaching approximately $0.00001600.
Furthermore, the current level where PEPE is holding steady aligns with the 0.618 Fibonacci retracement level, making this area even more significant and robust.
A jump off the 61.8% Fibonacci retracement point might propel PEPE to the 0.27 Fibonacci extension level approximately at $0.00002250, representing a potential surge exceeding 200% (or about 4 times) from its current value.
In simpler terms, the MACD line, which represents the trend, is sitting below the signal line, indicating that the downward trend (bear market) is still ongoing. However, the histogram bars, which show the difference between the two lines, are hinting at a potential lessening of the bearish momentum.
Should PEPE bulls fail to hold their ground against bears at the present level, it indicates a significant weakness and could potentially undermine the existing bullish argument. This situation might lead to a further decrease in Pepe Coin’s price, potentially reaching a support level of approximately $0.00000475, which represents a 35% decline from the current value.
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2024-08-19 11:54