PEPE Coin: Brace for Impact or Potential Rebound? Analyzing Price Movement and Whale Activity
Pepe Coin’s price experienced a decline following reports of the U.S. government transferring 10,000 BTC from the Silk Road wallet. This development caused the Crypto Fear and Greed Index to drop from 30 to 29 in the last 24 hours. Although the price of PEPE decreased by 4.9% over the same period to trade at $0.00000778, there are indications of a potential rebound in the near future.
Overview and Analysis of PEPE Price
The price of PEPE has broken down from a symmetrical triangle pattern on its price chart and is currently in a clear downtrend. This trend is characterized by lower highs and lower lows forming a symmetrical triangle. Moreover, the price is trading below the 50-day Moving Average (EMA) at $0.00000829 and the 200-day EMA at $0.00000961, which confirms the bearish trend.
The recent break below the triangle pattern indicates the potential continuation of the downtrend. It is anticipated that the PEPE coin price may find support around $0.00000700, with the previous low at $0.00000600. The Moving Average Convergence Divergence (MACD) histogram suggests a bearish trend with increasing downward momentum, and the MACD line trending below the signal line further supports this bearish sentiment.
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In the event that PEPE bulls stage a comeback, the price may surge above the symmetrical triangle, thereby invalidating the current bearish market structure. In this case, the PEPE price would target the next major resistance at the 200-day EMA.
PEPE Sport Inflow
There has been a notable 192% increase in large holder inflow for PEPE over the last 48 hours, indicating bullish sentiment around the asset. The PEPE Spot netflow was negative on August 14, with approximately $5.95 million worth of PEPE held in exchange reserves. The increase in whales’ balances and their acquisition of Pepe Coin at discount prices suggests anticipation of a bullish trend reversal.
The analysis of the PEPE Large Order Book revealed $2.6 million worth of whale orders around $0.00000579 and $0.00000670, indicating an intention among whales to purchase more PEPE tokens at lower prices, potentially driving up the Pepe coin price.
Final Thought
While analysis and indicators point to a bearish phase for Pepe Coin, the recent breakdown from the symmetrical triangle suggests further downside potential. Nevertheless, whale and trader activity suggest a likely bounce once the price reaches the $0.00000575 low.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
