PEPE Holds Strong as Robinhood Sells $15M Worth
Key Takeaways
- Robinhood has sold PEPE tokens worth 15 million USD.
- Despite the sale, PEPE remains stable and shows bullish signals.
- Technical analysis suggests potential price increases of up to 91%.
- Both spot and derivatives markets show increasing buying momentum.
Robinhood Sells PEPE – Market Remains Stable
A wallet linked to the U.S. crypto platform Robinhood has offloaded approximately 15 million USD worth of PEPE onto the market in the past 24 hours. Such sales by large market players – known as “whales” – often put downward pressure on prices. Typically, a buyback follows such a sell-off. However, that did not happen in this case.
Nonetheless, Robinhood still holds 3.67% of the total PEPE supply, equivalent to approximately 209.9 million USD. Notably, PEPE’s price remained largely unaffected after the sale – a sign of market strength.
Technical Analysis: Bullish Patterns Emerging
In the short term, PEPE is forming a symmetrical triangle on the 4-hour chart – a classic technical pattern that often signals an upcoming price move. If PEPE breaks out to the upside, a 12.24% increase is possible. The price target would then be around 0.00001541 USD.
From a long-term perspective, the daily chart reveals another bullish pattern: the so-called “cup-and-handle” formation. This suggests a potential price rally if resistance at 0.00001483 USD is broken. If successful, PEPE could rise to as high as 0.00002836 USD – a level last seen in December 2024.
Market Momentum Is Increasing
Both the spot and derivatives markets are showing growing momentum. In the spot market, PEPE tokens worth 335,000 USD were recently purchased – a sign of increasing interest.
The sentiment in the derivatives market is also positive. The open interest (OI)-weighted funding rate currently stands at 0.0127%. This figure indicates that leveraged long positions (buying with leverage) dominate – another indicator of bullish expectations.
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Our Assessment
Despite the selling pressure from Robinhood, PEPE remains resilient. The price stability combined with positive technical patterns points to a potential continuation of the upward trend. Short-term price targets are realistically achievable if market interest continues. In the long term, much will depend on whether the resistance at 0.00001483 USD is broken.
For investors or observers of the crypto market, it’s worth keeping an eye on PEPE – especially if you rely on technical analysis and monitor market sentiment.
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