How Is Whale Activity Shaping PEPE Coin? Here’s What to Know

• PEPE coin price rallies 8% amid whale transfer of over $10.99 Million.
• TD Sequential indicator flashes a buy signal, suggesting a rise to $0.00002100.

Pepe (PEPE), the third largest memecoin, showcased a massive price surge of over 8% and captured investor attention. The PEPE coin has smashed past the downward-sloping trendline of $0.00001900 resistance.

Bitcoin is also back above the $100K mark. However, it was likely that demand for meme coins, especially for PEPE crypto, could increase.

At press time, the PEPE coin price was trading at $0.00002010, noting a rise of over 8.30% in the past 24 hours. Its market cap soared to $8.41 Billion, ranking 24th in the crypto market.

A Look at the Whale Transfer

In the last few hours, a whale identified as ‘0xBE2’ deposited 588 billion PEPE tokens worth $10.99 Million to Kraken. This brought an unrealized profit of $7.34 Million and a very good return on investment of 141% at the price of $0.00001849.

Historically, whale activity in meme-based tokens has often preceded price volatility. After the deposit, the PEPE coin experienced buying activity and crossed the key EMAs. This replicated sharp accumulation.

TD Sequential Flashes a Buy Signal

Per Ali Martinez’s post on X, TD Sequential, a technical analysis tool, has offered a buy signal on the daily chart. The indicator highlighted that the PEPE crypto could see a potential rebound toward $0.0000210 in the coming days.

Such signals in the past have often preceded bullish movements. This makes it a focal point for traders anticipating an opportunity for a bullish rebound.

As for Martinez’s forecast, it implies further movement toward the price rally. However, the whale’s deposit on the exchange leaves a question mark.

Since these ecosystems attract high speculative interest, it becomes easy for investors to dump their tokens. This causes significant selloff pressure that drives down the token price within a short span of time.

PEPE Price Prediction: Can Bulls Reach $0.00002100 Amid Bullish Signal?

The PEPE coin price has escaped the 20-day EMA hurdle on the daily charts and formed a bullish marubozu candlestick. Typically, it highlights the control of bulls over bears. The PEPE crypto has climbed beyond the key EMAs and is replicating outperformance in the crypto market.

The Relative Strength Index (RSI) had a reading of 54. That implied a bullish momentum and signals further room for a price surge ahead. Additionally, a bullish crossover was exhibited, signaling that the upsurge may extend ahead.

Notably, the PEPE coin was on the brink of splitting the trendline of the channel. Furthermore, the token could see a breakout in the coming days.

Data from Coinglass showed that the Open Interest (OI) has risen over 12.20% to $546.89 Million. This represented long additions in the past 24 hours.

The Long/Short ratio stood at 1.01, which means that long contracts outweigh the short contracts, a sign of a bullish trend. The immediate support zones were $0.00001920 and $0.00001830. At the same time, the upside hurdles were $0.00002120 and $0.00002240.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.