As a seasoned researcher with a knack for navigating the cryptocurrency landscape, I find myself intrigued by the current state of affairs surrounding PEPE Coin. The price dip, while concerning to some, is not unfamiliar territory for those who’ve witnessed the rollercoaster ride that is the crypto market.
In the last 24 hours, the value of Pepe Coin decreased significantly due to market panic triggered by news about the U.S. government transferring 10,000 BTC from the Silk Road wallet. This caused the Crypto Fear and Greed Index to drop from 30 to 29. However, despite the current price drop, analysis of whale and trader behavior indicates a possible recovery for Pepe Coin in the near future.
PEPE Coin Price Analysis
In the past day, the PEPE token experienced a decrease of about 4.9%, now trading at approximately 0.00000778 USD. This drop was preceded by a breakdown from a symmetric triangle formation on its price graph.
As a crypto investor, I’m observing a consistent downtrend in PEPE‘s price, evident in the formation of lower highs and lower lows, creating a symmetrical triangle pattern. Currently, the price is hovering below both the 50-day Moving Average (EMA) at $0.00000829 and the 200-day EMA at $0.00000961, which underscores a prevailing bearish trend.
Just now, the price dropped beneath the triangle formation, hinting at a possible ongoing downtrend for Pepe Coin. The value could potentially stabilize near approximately $0.00000700, with its earlier low being around $0.00000600.
In simpler terms, the MACD graph indicates a negative or bearish trend as it shows growing downward pressure. Moreover, when the MACD line is positioned beneath the signal line, it adds weight to this bearish outlook, suggesting a robustly bearish market condition.
If the supporters of PEPE (the bulls) make a strong return, the price could break out from the symmetrical triangle, challenging and potentially overcoming the current pessimistic trend. The price of PEPE might aim for the next significant resistance level, which is situated at its 200-day Exponential Moving Average (EMA).
Whales are Buying PEPE
1. In the past two days, there’s been an upsurge in PEPE whale activity, as evidenced by IntoTheBlock’s report of a substantial 192% rise in large investor inflows from August 13 to 14. This trend suggests a positive outlook or optimism regarding the asset.
Furthermore, Coinglass data shows that the PEPE Spot netflow was negative on August 14. Yesterday, there was an approximate $5.95 million in PEPE held in exchange reserves, which is a rise compared to the previous day’s positive netflow of about $1.27 million. This increase, along with whales accumulating more Pepe Coin, indicates that major investors might be taking advantage of lower prices to purchase Pepe Coin, potentially preparing for a reversal in the bearish trend.
A closer examination of the PEPE Large Trading Book uncovered approximately $2.6 million in large orders, ranging from about 0.00000579 to 0.00000670 tokens. These orders, which have been pending for nine days, suggest that ‘whales’ are planning to acquire more PEPE tokens at lower costs. This could potentially lead to an increase in the value of the Pepe coin.
Should You Buy Pepe Coin?
The current trend for Pepe Coin suggests it’s in a bearish phase, as indicated by its price analysis and technical indicators. This downward movement has been further supported by a recent breakout from a symmetrical triangle, which could potentially lead to even lower prices. Yet, the activity of large investors (whales) and traders hints at a possible reversal. Once the price hits around $0.00000575, a bounce back might occur.
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2024-08-15 12:37