- PEPE maintains bullish momentum with a 17% weekly gain, despite a minor 24-hour dip and market cooldown.
- Whale accumulation surges, with ‘smart money’ wallets doubling their holdings to over 635 billion PEPE in a week.
- Technical indicators suggest a critical breakout point ahead, with $0.0000080–$0.0000084 seen as prime re-entry zones.
A broader market cooldown hasn’t taken out critical support levels for PEPE as shown by it holding above supports and resiliently pushing above a major resistance zone. The token experienced a slight plunge in the past 24 hours but it trades firmly entrenched in a strong weekly up trend and the market finds optimism for another push to higher price levels.
According to Coinmarketcap data, PEPE has now shown a 20% gain over the last seven days to continue its bullish momentum. Over the course of the past 24 hours, the token has declined by a relative 3% from its price of $0.0000086. Despite all that, there is still trading volume which stands at $700.18 million 24 hours and a market capitalization of $3.64 billion.
It reinforces the view that the recent dip could be a healthy consolidation phase, a trend reversal, as opposed to the start, to sustain consistent trading volume and valuation.
Market Remains Bullish, But Traders Urged to Exercise Caution
While the recent short-term pullback has introduced a level of caution, markets remain in the control of bulls on an overall basis. According to Bitcoinsensus, the MACD on lower timeframes is starting to cross technicals and the RSI is cooling off which indicates a temporary halt but not a reversal.
Long positions will be initiated on the $0.0000080–$0.0000084 range as traders watch it closely. However, risk prone participants should hold and keep clear of entry late, in the move, since market participants should be patient and play it safe, with sound risk management practices.
If momentum continues and PEPE can break past the present resistance zone, the following bullish goal is pegged at around 0.000017. Therefore, If key support levels are not kept, there could be a retest of lower areas around $0.0000055.
PEPE Whale Activity Surges Amid Market Downtrend, Santiment Reports
According to Santiment analysis, there is a serious spike in the total holdings of ‘smart money’ wallets. Although the number of such wallets has dropped slightly, the total balance of all of them leaped from 278 billion PEPE on Monday to 635 billion at the week’s end. Two big-name addresses made the surge with them purchasing just over $1.3 million in the token.
Over the past months, PEPE has noted a rise in whale accumulation, as the token has rallied universally. Onchain analytics firm Santiment’s figures show a sudden jump in the number of wallets with large amounts of the meme coin. Currently, 106k addresses have between 10 and 100 million PEPE tokens, from 117k on Jan 1. For a wallet holding 1 million and 10 million coins has risen to 127,000 from 102,000 at the start of the year.
Despite PEPE being in a general downtrend over the past few weeks, while participation has been increasing too, which makes this trend all the more considerable.
