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Presently, PEPE is being traded for $0.000007900 on the Ethereum blockchain with an 8.1% increase in price in the last 24 hours and as of writing. Its market cap is about $3.27 billion, which makes it the 25th largest crypto by market cap. In the same 24 hours, its trading activity has gained by 22% to around $513.65 million according to the latest data.
Although whales have suffered considerable unrealized losses due to market volatility, they are still accumulating PEPE coins. These two whales recently withdrew a total of $6.2 million worth of PEPE from Kraken according to Spot On Chain blockchain analysis platform data. This ongoing accumulation points to an important trend in crypto markets wherein major holders may not be deterred by short term losses thus possibly showing confidence in PEPE’s long-term value.
In the chart below we can see that at first, PEPE followed a bullish flag which showed an uptrend before breaking out into another higher ascending channel for some time afterwards. Thereafter there was break down from this channel signifying a possible reversal to the downside. A retest to the channel is seen. PEPE dropped to a low of $0.00000585 before finding support at an horizontal support level.
Since that recent low from the Aug 5th crash, PEPE is trying to recover with the next key target at $0.00000979 resistance zone.
where in order for PEPE to go back to its previous highs it could encounter resistance somewhere here since the price zones currently appear stable above key support level providing consolidation or possible recovery .
It seems bearish momentum might be waning as shown by the MACD. Even though MACD line lags below the signal line the diminishing negative histogram implies likelihood of bullish crossover happening soon. That would probably make price of PEPE rise if confirmed on the price action.
RSI indicator at 43 shows that PEPE is still below the neutral level of 50 meaning it is in a bearish zone. Though, this RSI reading has gained from oversold reading of below 30 on 5th of August when there was an overall market crash. RSI has made gains suggesting that selling pressure may be easing off and buyers might be coming back leading to a recovery in prices.
The meme token linked to “Pepe the Frog” meme was able to attract both investors and meme enthusiasts because it has a deflationary model. Since there are only few tokens available on Ethereum blockchain for such a memecoin market this makes it more attractive from a scarcity point of view. Further purchases by large whales highlight the uncertainty about current market conditions despite their faith in eventual value of PEPE.
Based on whale accumulation and its deflationary nature which have influenced price movements, PEPE could be a highly promising token in the long run. The technical indicators indicate possible reversal although they should wait for confirmation from price action. By this, price must close above the recent lower high of around $0.00001315 zone. The next big move can be confirmed if PEPE manages to break above the high backed up by key metrics and developments related to PEPE Price.
