- Whale accumulation and a breakout from a falling wedge drive renewed bullish momentum.
- Onchain metrics and liquidation data reinforce confidence as PEPE eyes higher resistance levels.
As a seasoned researcher with years of market analysis under my belt, I find the recent developments surrounding Pepe [PEPE] intriguing. The whale’s $2 million purchase at $0.00001899 has certainly stirred up excitement and raised expectations for the token’s prospects.
There’s increasing buzz about the cryptocurrency PEPE, with people talking more because a big investor recently spent $2 million on it when each token was worth approximately $0.00001899.
This move has increased optimism about the token’s prospects, even as PEPE experiences a slight retracement. At press time, the token was trading at $0.0000192, down 3.93% in the past 24 hours.
Regardless of the temporary dip, traders continue to keep an eye on PEPE’s crucial points and anticipate its possible return to a bullish trend.
PEPE: Is a bounce imminent?
Following an extended downtrend within a falling wedge, which is typically a bullish reversal pattern, the price of PEPE surged in an attempt to reach and possibly exceed the significant resistance level at approximately $0.00002597.
Nevertheless, it has now returned to the vital support area at $0.00001714, which coincides with the 0.786 Fibonacci retracement point as well.
After a significant breakout, a relatively steep pullback like this is quite typical. It could potentially signal the start of additional profits.
If PEPE maintains its position above the designated support area, it may regain the $0.00002000 level, potentially serving as a platform for further advancement towards higher values.
Alternatively, if this level isn’t maintained, the value of the token could potentially drop even lower, reaching approximately $0.000016.
Taking a more detailed examination of Fibonacci retracement points reveals that the short-term resistance for PEPE might be found around $0.00002200, with a significant resistance level appearing further up at $0.00002597.
In the past few weeks, these levels have served as turning points. If they are regained, it might suggest that the positive (bullish) trend will persist.
If the price falls below $0.00001714, it could weaken the optimistic trading scenario, causing traders to exercise caution.
Bullish signals keep optimism alive
The on-chain indicators suggest optimism towards the PEPE token, as network expansion grew by 5.58% and large transactions surged by 10.99%. This surge indicates growing attention from major market players.
Although the “In the Money” indicator pointed to a slight bearish trend at a rate of 5.61%, the general outlook leaned more towards a bullish stance. This implies an optimistic forecast for a prolonged upsurge, provided the technical setup stays robust.
Liquidations underscore bullish dominance
The data from the liquidation process reveals that positions worth approximately $1.25 million in long trades have been closed out, contrasted with only about $795,000 in short positions being terminated. This suggests that currently, there’s a stronger influence of bearish trends prevailing over bullish ones.
Nevertheless, the substantial short positions that were closed out this week underscore the market’s volatility and the capacity it has for swift changes in investor sentiment.
Therefore, traders are watching closely for any signs of renewed bullish dominance.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Can PEPE sustain its rally?
As an analyst, I’m observing a promising scenario for PEPE. The whales are amassing the tokens, on-chain signals are bullish, and key technical levels are being revisited. This suggests that PEPE could soon regain its upward momentum. However, it’s crucial to keep a close eye on the price, as maintaining above $0.00001714 remains vital for this potential rally to continue.
If the current backing continues, PEPE could challenge the price point of $0.00002200, even aiming to regain $0.00002597. This scenario might pave the way for fresh record highs.
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2024-11-22 01:44