PEPE, the popular meme-inspired crypto asset, is making waves in the crypto market amidst a surge in price and significant whale activity. According to the latest data, the coin's value has risen by over 19% over the last 7 days, showcasing the bull momentum in the recent few days currently driving the market. However, the price has found a resistance zone and the bullish outlook is losing steam.

Despite a 4.39% drop in the last 24 hours, Pepe's market cap remains strong at over $3.2 billion, while the trading volume is at $607 million, accounting for a 40% drop in the same timeframe.

$21 Million Coins Whales Transfer

Recently, data revealed two massive Pepe trades worth approximately $21 million. These transactions, typically associated with wealthy investors or "whales," have the potential to influence market prices due to their size.

The first transaction involved the transfer of 1,238,332,920,144 Pepe coins, worth approximately $10.5 million at the time, from an unknown wallet to the popular crypto exchange Binance. Such inflows to exchanges are often interpreted as a precursor to potential selling pressure, as investors may be seeking to liquidate their holdings on these platforms.

However, the second transaction, occurring just hours later, saw an equal-sized outflow of 1,241,850,000,000 Pepe coins (around $10.5 million) from Binance to an unknown wallet. This outflow is generally considered a bullish signal, as investors are moving their assets to personal wallets for long-term holding or "HODLing."

While the addresses involved in these transactions do not match, the identical amounts transferred suggest that the same whale entity could be responsible for both moves. Interestingly, the equal-sized outflow following the inflow could potentially offset any negative price impact resulting from the initial exchange deposit.

PEPE Technical Analysis

The weekly chart for Pepe reveals a sustained bullish trend, with the price marking higher lows and breaking upward through resistance levels. Over the past three consecutive weeks, the asset has exhibited consistent bullish pressure, signaling a strong upward trajectory.

On the daily chart, Pepe recently broke out of a descending channel or bullish flag pattern on April 22nd, closing above the main monthly bullish flag. This breakout was further reinforced by the formation and subsequent breakout from a mini bullish flag pattern that lasted several days, confirming the continuation of the uptrend.

Two days ago, the price surged to hit the resistance zone target at $0.00000918 before experiencing a rejection. However, analysis suggests that a retracement is likely before the upward momentum resumes, with the recent high of $0.00001081 serving as the immediate near-term target if the $0.00000918 resistance level is breached.

On the 4-hour chart, Pepe is currently trading in a bearish manner in respect to the $0.00000918 resistance high. Technical indicators, such as the Relative Strength Index (RSI) at 42, suggest a potential price rebound before dipping into oversold territory.

If a breakout occurs above the $0.00000918 resistance level, the price is expected to rally toward the next target of $0.000001081.

Bullish Outlook for 2024?

PEPE price forecast operates within the range of $0.00002 to $0.00003, conveying a bullish stance despite potential short-term fluctuations. These predictions remind us that there is good potential for a Pepe surge and a strong market position, even in the face of fluctuating market dynamics.