A whale moved 357.2 billion of PEPE tokens to the Binance exchange at the time when the token was experiencing price depreciation which caused much attention in the community. This move has attracted much attention from market participants because of the high transaction volume and possible effects on the market.

The whale first transferred 548 billion PEPE tokens from a centralized exchange at an average price of $0.00001341, which was approximately worth $7.35 million. Later on, the whale transferred 357.2 billion tokens to Binance at a lower price of $0.00001157, which indicates the whale’s attempts to readjust the position due to the recent market fluctuations.

This huge transfer of amount, summing up to $4.14 million, shows that the whale anticipates more drops or is looking for new opportunities. If the transaction was to be sold at the current rate, then the loss would be $660,000 and other tokens would still be in the red at $320,000. Such actions of large holders generally indicate the overall market trend and the possible future price direction.

PEPE has seen a major retracement of 33.53% from the high of May 28 and has remained range-bound below the $0.000015 support level for the last six days. The price action has respected an ascending trendline, and exponential moving averages (EMA 50/100) have provided additional support, with PEPE trading above these levels.

However, some technical indicators point to a possible bullish trend, but recent whale movement and price fluctuations have created uncertainty. The price of PEPE has fallen by 0.35% in the last day and has risen by 7.08% in the last week, at the current price of around $0.00001208 with a 24-hour trading volume of over $954 million. The market capitalization of the coin is approximately $5.09 billion, while open interest in PEPE futures has decreased by 8.20% to $79.1 million.

Currently, the support is at $0.0000114, which is also in line with the 50-day exponential moving average. If broken, selling pressure may increase, which may lead to the price falling to $0.000009, with overhead levels at $0.000009 and $0.000007. These levels help the market participants to understand the situation as the buyers may turn the tide in the favor of uptrend.

However, in some aspects, PEPE has been relatively stable even with the recent fluctuations. The daily chart reveals that the coin is trading above the 20-day and 50-day Exponential Moving Averages, respectively. Thus, being located above the EMAs, this situation reflects bullish sentiment in the middle term. However, the whale transaction that has occurred and the present price changes require that investors exercise caution.

The stochastic RSI at 56.66 puts PEPE neither overbought nor oversold, this means that PEPE has a good base to surge higher without the risk of a price pull back due to overbuying. However, it is imperative to look at the fact that the PEPE has high timeframe resistances at $0.00002 and $0.00003 which may pose a challenge to price increases. These levels are very important to observe, because their breakthrough means the further growth of the price, while failure to break these levels may lead to the consolidation or slight correction.