- Pepe surged by 6.5% over the past week, although bearish sentiment persisted.
- A whale withdrew 150 billion tokens from Binance.
As a seasoned researcher with a knack for deciphering market trends, I have to admit that Pepe [PEPE] has been quite the enigma lately. While its 6.5% surge over the past 24 hours is certainly enticing, the bearish sentiment persisting in the market leaves me somewhat skeptical.
After reaching a new all-time high (ATH) worth $0.00025, the cryptocurrency Pepe (PEPE) appears to have shaped as a flagpole and a bearish pennant pattern. This suggests that there may be an ongoing decline or further downtrend in its price.
In simpler terms, the value of this digital currency called a memecoin has significantly decreased. It fell from about 0.000025 dollars to as low as 0.0000173 dollars, showing a clear trend of falling prices.
Currently, as I’m typing this, Pepe is being exchanged at approximately 0.00001963 dollars. This represents a 6.5% rise in value over the last day. Furthermore, it’s interesting to note that over the past month, Pepe has experienced a significant surge of around 105.02%.
Even though it has risen recently, the memecoin is still about 23.24% lower than its all-time high (ATH) that was reached just two weeks back.
As Pepe’s value decreases, it presents buying chances for both big investors and individual traders alike. Similarly, certain ‘whales’ (large investors) are stockpiling the asset rather than selling at a loss.
Whale withdraws 150 billion tokens
As reported by on-chain tracker Lookonchain, a significant investor (often referred to as a “whale”) has taken out approximately 150 billion Pepe tokens from the Binance exchange, suggesting they are holding onto these tokens.
The value of these tokens is approximately $2,940,000, given today’s exchange rates. When whales remove their funds from trading platforms, it typically means they’re transferring their assets to personal wallets for long-term storage. This action suggests they don’t plan on selling in the near future.
With this activity, it seems the whale is preparing to keep the tokens until they are profitable.
What do Pepe’s charts say
Transactions involving whales moving their funds to personal wallets often suggest a positive trend. However, other market signs convey a contrasting narrative.
Initially, it’s worth noting that Pepe’s Chaikin Money Flow (CMF) has decreased significantly, even dipping into negative territory during the last seven days. This persistent downtrend suggests that selling activity is increasingly prevalent, with buyers seemingly struggling to maintain their pace in the market.
This increase in ADX (to 38) and decrease in +DI (to 23) over the last week suggests that the negative trend is gaining strength, as the positive trend appears to have run its course.
It’s evident that purchasers’ drive seems to be diminishing, given the general pessimism among investors today. As reported by Coinglass, the Long/Short Market Ratio indicates that traders holding short positions have a significant influence over the current market dynamics.
This implies that most of the participants are going short and expect the prices to decline.
As a crypto investor, I’ve noticed an impressive surge in Pepe’s NVT Ratio, shooting up from 9.6 to 61.93 at the moment. This significant jump could be a red flag, implying that the memecoin might be overpriced, and the current price increase may be fueled more by speculation than intrinsic value. The decrease in on-chain activity as prices soar suggests that the market fundamentals might be weaker compared to its market capitalization.
Read Pepe [PEPE] Price Prediction 2024-2025
Despite Pepe showing an upward trend in its daily performance, there’s still a significant amount of pessimism among investors. If the bears manage to dominate the market, it could potentially lead to further drops in Pepe’s price. In such a scenario, the support level for Pepe might be around $0.00001720.
As I observe, should whales persistently move their assets into personal wallets, there’s a possibility that the resistance level at $0.00002 might be regained by Pepe.
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2024-11-29 01:43