- On-chain metrics revealed that exchanges have witnessed an inflow of $6.8 million worth of PEPE.
- PEPE could soar by 40% to reach the next resistance level of $0.000026 if it holds itself above the $0.000018 level.
As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have seen my fair share of market swings and whale activities. The recent events surrounding Pepe [PEPE] have been quite intriguing, to say the least.
The well-known and third-largest crypto meme coin, PEPE, has witnessed a substantial 20% drop in value after the Federal Reserve Chairman’s anti-crypto stance. This statement not only led to a decrease in PEPE’s price but also sparked a widespread sell-off throughout the cryptocurrency market.
Whale dumps $2.7 million worth of PEPE at loss
As I analyze the latest happenings in the cryptosphere, it seems a whale has seemingly transferred 150 billion units of PEPE, valued at approximately $2.72 million, onto Binance – the global leader in crypto exchanges. This massive transfer reportedly resulted in a loss of around $219,000, according to Lookonchain’s blockchain transaction tracker.
This substantial sell-off occurred as the market started experiencing a price decline.
As a dedicated cryptocurrency investor, I recently noticed an interesting observation made by Lookonchain on their platform. They pointed out that a significant player, often referred to as a ‘whale’, withdrew a substantial amount of the popular meme coin, Shiba Inu (SHIB), approximately 60 billion tokens, on November 28th.
Additionally, it appears that long-term investors are selling off their assets through exchanges, according to data from the analytical firm Coinglass.
According to information gathered from the PEPE spot inflow/outflow, it’s been observed that approximately $6.80 million in PEPE has flowed into various exchanges.
A significant increase in transfers from wallets to exchanges could be interpreted as a bearish signal for token holders. This might mean a potential drop in prices and heightened selling pressure.
PEPE technical analysis and key levels
Despite the notable dump by whales and long-term holders, PEPE has managed to stay above the crucial support level of $0.000018.
Based on the evaluation of technical specialists, it appears that the PEPE price is bouncing back following a supportive point.
Looking at current market trends, if PEPE manages to maintain its value above $0.000018, it’s quite likely that we might see a surge of up to 40%, potentially taking it to the next resistance level of approximately $0.000026 in the coming days.
In a favorable situation, PEPE’s Relative Strength Index (RSI) is approaching the oversold region, suggesting that the price might soon bounce back.
Read Pepe’s [PEPE] Price Prediction 2024–2025
As a seasoned crypto investor, when I examine on-chain data along with traditional technical analysis, it seems that the recent downturn is fueled by apprehension among the big players (whales) and those who have held for the long haul (long-term holders).
Currently, PEPE is close to $0.0000191 per unit, marking a drop of more than 12% in the last 24 hours. This downturn coincides with an increase in trading volume by approximately 63%. This spike suggests that traders and investors are becoming more active during this market downtrend.
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2024-12-20 06:15