Significant whale activity suggests a potential rebound in Pepe Coin’s price, as large investors accumulate PEPE at lower levels.
PEPE Price Analysis
The price of Pepe Coin (PEPE) has been under selling pressure, dropping 4.9% in the past 24 hours to $0.00000778. This decline broke a symmetrical triangle pattern on the price chart, signaling a potential continuation of the downtrend.
Currently, PEPE is in a clear downtrend, with lower highs and lower lows forming the symmetrical triangle. The price is trading below both the 50-day EMA at $0.00000829 and the 200-day EMA at $0.00000961, reinforcing the bearish outlook.
The recent breakdown from the triangle pattern suggests that Pepe Coin may continue its decline, possibly finding support around $0.00000700, with a previous low at $0.00000600. The MACD histogram also indicates increasing downward momentum, with the MACD line trending below the signal line, further reinforcing the bearish sentiment.
However, if PEPE bulls manage to stage a comeback, the price could surge above the symmetrical triangle, invalidating the current bearish structure and targeting the next major resistance at the 200-day EMA.
Whales Accumulating PEPE
Despite the recent decline, whale activity around PEPE has surged. Over the past 48 hours, large holder inflow increased by 192%, according to IntoTheBlock, indicating a bullish sentiment among big investors.
Additionally, Coinglass data showed a negative PEPE Spot netflow on August 14, with approximately $5.95 million worth of PEPE exiting exchange reserves. This contrasts with the previous day’s positive netflow of $1.27 million. Combined with the increased whale activity, this suggests that large investors are buying up Pepe Coin at discounted prices, anticipating a bullish trend reversal.
Further analysis of the PEPE Large Order Book reveals $2.6 million worth of whale orders, waiting around $0.00000579 and $0.00000670. These orders, which have been active for nine days, indicate that whales are preparing to scoop up more PEPE tokens at lower prices, potentially driving up the coin’s value.
Should You Buy Pepe Coin?
Currently, Pepe Coin is experiencing a bearish phase, with the recent breakdown from the symmetrical triangle suggesting further downside potential. However, the increased whale activity and trader behavior hint at a possible bounce once the price reaches the $0.00000575 low. While the downtrend dominates, a rebound might be on the horizon if these large investors continue accumulating PEPE.
