In the face of a bearish crypto market that has persisted for four consecutive weeks PEPE is showing stability now and potential for a bullish recovery. PEPE has seen a 1.29% increase in the last 24 hours and currently trading at $0.00001229 as of writing. However its performance over the last 7 days has been impressive with a surge of over 11%. Its current market cap is $5.2 billion while its 24-hour trading volume at $540 million.
This recent price action suggests that PEPE may be on the verge of a bullish recovery despite the overall market downturn. PEPE ability to maintain its value and even post gains in such challenging conditions has been proven before several times.
Recent whale activity has further shown positiveness around PEPE. Just two days ago a key player in the market identified by the wallet address 0x837 deposited 300 billion PEPE tokens (worth approximately $3.85 million) to Binance. Within an hour this same wallet had deposited a total of 1.1 trillion PEPE tokens (valued at about $14.42 million) to the exchange. Interestingly if sold at the current price, this whale would face a loss of around $894,000 suggesting a potential belief in future price appreciation.
Additional large transfers have been observed in the past 11 hours with 42 billion PEPE tokens worth $511,980 moved to ByBit's hot wallet and another 30.7 billion PEPE tokens (valued at $376,544) transferred to Uniswap V3.
PEPE has seen price volatility since reaching its all-time high of $0.00001725 on May 27th. PEPE underwent a 44% pullback since the time, finding support at $0.00000968 on June 24th. Currently PEPE has retested the broken down support level which has served as resistance in the short term.
Technical indicators show a mixed but a general positive picture. The daily Relative Strength Index (RSI) sits at 51 indicating a balance between buying and selling pressure with a slight bullish tilt and with enough room for more uptrend activity. The Moving Average Convergence Divergence (MACD) has recently undergone a bullish crossover with the MACD line now slightly above the signal line suggesting building bullish momentum.
On the 4-hour chart PEPE broke out of a bullish flag pattern that has been in play since late May. However it faced resistance from the larger ascending channel support level. This configuration suggests that while there may be a short-term pullback, a breakout attempt could be on the horizon if bullish momentum continues to build.
According to data from IntoTheBlock, 84% of PEPE holders are currently in profit at the current price, with 5% at breakeven and 11% at a loss.
The Long/Short Ratio for PEPE in Coinglass has been increasing recently indicating a growing number of long positions. This metric supports further the building of a bullish market outlook.
Looking ahead, Changelly has provided predictions for PEPE in the coming months. For July 2024 predictions suggest a potential trading range between $0.0000163 and $0.000042 and with an average expected value of $0.0000295. August 2024 predictions are slightly more conservative with an average prediction of $0.0000268 ranging from a low of $0.0000104 to a high of $0.0000431.