As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current state of Pepe Coin is quite intriguing, to say the least. From the data I’ve analyzed, it seems we have a classic case of whales versus traders.
Pepe Coin price has not been as bullish as other top-ranking cryptocurrencies because, from analysis of investor behavior, the market is divided between bearish traders and bullish long-term investors. While Pepe secured a free listing in the upcoming Hong Kong-based HashKey exchange, the asset is struggling under heavy resistance. The price of PEPE hovered around $0.00000785 during the London trading session, a 1.3% uptick in price over the last 24 hours.
Whales vs Traders – Where Will Pepe Coin Price Follow?
The lack of movement in Pepe Coin’s value right now appears to be due to a tug-of-war between big investors (whales) and smaller traders (retail). Whales are buying up PEPE in expectation of an increase in price, while retail traders seem pessimistic about the asset, as data from Coinglass suggests.
The PEPE Crypto Derivatives Visualizer indicates that traders are realizing profits from their Short positions as the open interest decreases coinciding with an increase in price. Typically, after closing Short positions, traders might opt for Long ones. However, another indicator hints that this trend might not be followed in this case.
Comparing the OI and Cumulative Volume Delta (CVD) reveals they’re both decreasing. Such a decrease indicates that long positions are being liquidated. In other words, shorts are cashing in their profits, but no new long positions are emerging, which could suggest a bearish trend for PEPE.
Instead, it can be expressed as: On the contrary, those who hold large amounts of the meme coin PEPE are continuing to buy more. In the past two days, there’s been a rise in whale activity, according to Santiment data. The red spikes indicate increased transactions by whales with over $5 million invested in PEPE, while the yellow spikes signify whales with a net worth of $100,000. Furthermore, the blue line graph showing active addresses has gone up over the past 24 hours, suggesting that new users are now participating in the PEPE market.
It appears that the whales and recent users might be onto a good thing, since the Pepe Coin price graph suggests a potential increase of up to 68% in the future.
PEPE Needs to Beat $0.00000835 to Turn Bullish
The Pepe Coin price chart shows the asset is in a descending wedge pattern, generally considered a bullish reversal signal, especially if the price breaks above the wedge’s resistance.
As a researcher, I’m observing the current resistance Pepe Coin is facing at approximately $0.00000836, which is close to its 200 Exponential Moving Average (EMA). If it manages to surpass this level, we might witness a double bottom reversal pattern unfold, propelling the price up by approximately 68% to around $0.00001200. This potential increase would also serve as a breakout, possibly paving the way for further growth towards $0.00001800.
In simpler terms, the high Stochastic RSI value of 95.50 indicates that the price could experience a brief period of downward movement or correction before continuing its upward trend. This might be why traders are hesitant about investing in the meme coin right now. However, during strong upward trends, overbought conditions can last for an extended time.
As a crypto investor, if PEPE doesn’t manage to break and sustain above its 200 Exponential Moving Average, it might plummet further down to approximately $0.00000700, and there’s a possibility it could go even lower, falling below the descending wedge at $0.00000477. This scenario would negate the current bullish perspective, making PEPE appear bearish instead.
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2024-08-22 09:26