PEPE Surges 80% in 5 Days Amid Whale Activity
Key Takeaways
- PEPE, a popular memecoin, saw a price increase of over 80% in the past five days.
- Whale activity surged by 750% – large investors are increasingly betting on PEPE.
- Technical analysis suggests a potential further price increase of 38%, provided resistance at USD 0.0000155 is broken.
- The Relative Strength Index (RSI) stands at 85.4 – indicating an overbought market and a possible correction.
Strong Price Movement for PEPE
PEPE, an Ethereum-based memecoin, has recently attracted attention. Its price rose by more than 80% within five days, breaking through multiple technical resistance levels. The price is currently approaching the USD 0.000015 mark – a zone that has historically triggered increased selling pressure.
Whales Show Strong Interest
According to data from IntoTheBlock, activity from large investors – known as whales – has significantly increased for PEPE. Transactions valued between USD 1 million and USD 10 million rose by 750%. Smaller transactions ranging from USD 100,000 to USD 1 million (+177.94%) and USD 10,000 to USD 100,000 (+173.93%) also saw strong growth.
This development suggests that institutional and high-net-worth investors are betting on further price increases. Whale activity is often considered an early indicator of market movements, as it is typically based on in-depth analysis.
Traders Take Long Positions
Confidence is also growing among retail traders. A well-known crypto whale recently closed a long position on the TRUMP token and instead opened a 10x long position on PEPE. According to data from Lookonchain, the unrealized profit of this position currently sits at around USD 81,000.
At the same time, PEPE’s trading volume increased by 40%, indicating growing interest from retail investors.
Technical Analysis: Resistance in Focus
Technical analysis shows that PEPE is on the verge of breaking through the resistance at USD 0.000015. If a daily candle can close above USD 0.0000155, the price could rise by another 38% according to chart analysis – up to the next resistance zone at USD 0.00002140.
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However, the Relative Strength Index (RSI) is currently at 85.40. Readings above 70 are considered overbought. This means a short-term correction is possible before a sustainable breakout occurs.
Our Assessment
The current hype surrounding PEPE is driven by strong price movements, increased whale activity, and growing interest among traders. Technical indicators point to a possible continuation of the upward trend – but with caution. The high RSI suggests an overbought market, making short-term pullbacks likely.
If you’re considering investing in PEPE, keep a close eye on the USD 0.0000155 level. A solid breakout above this point could unlock further potential. At the same time, don’t underestimate the risk of a correction. As always: only invest capital you can afford to lose.
Sources
- IntoTheBlock
- Lookonchain
- AMBCrypto
- TradingView
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