Pepe Coin Price Under Pressure Amid Market Turbulence: Is a Rebound on the Horizon?
The price of Pepe Coin has faced significant downward pressure over the past 24 hours, possibly triggered by the news that the US government moved 10,000 BTC from the Silk Road wallet. This development has rattled the crypto markets, causing the Crypto Fear and Greed Index to dip slightly from 30 to 29. Despite the recent decline in PEPE’s price, there are signals that a potential rebound could be on the way, as observed from whale activity and trader behavior.
Pepe Coin Price Analysis
Over the last day, Pepe Coin’s price has fallen by 4.9%, trading at $0.00000778 after breaking down from a symmetrical triangle pattern on its price chart. The coin appears to be in a clear downtrend, characterized by lower highs and lower lows forming a symmetrical triangle. The price is currently below both the 50-day Exponential Moving Average (EMA) at $0.00000829 and the 200-day EMA at $0.00000961, further reinforcing the bearish outlook.
The recent breach of the triangle pattern suggests a potential continuation of the downtrend, with the price likely to find support around the $0.00000700 level. The previous low was recorded at $0.00000600, providing another potential support zone.
Technical indicators further support the bearish sentiment. The Moving Average Convergence Divergence (MACD) histogram is negative, indicating increasing downward momentum. Additionally, the MACD line is trending below the signal line, which underscores the strong bearish momentum in the market.
However, if PEPE bulls manage to stage a recovery, the price could break above the symmetrical triangle, invalidating the current bearish structure. In such a scenario, the price would aim for the next significant resistance at the 200-day EMA.
Whale Activity Indicates Potential Upside
Despite the bearish trend, whale activity around PEPE Coin has seen a notable increase over the past 48 hours. Data from IntoTheBlock shows a 192% surge in large holder inflows between August 13 and 14, signaling growing bullish sentiment among large investors.
Further supporting this view, Coinglass data revealed a negative PEPE Spot netflow on August 14. Approximately $5.95 million worth of PEPE left exchange reserves, a significant increase compared to the previous day’s positive netflow of $1.27 million. This suggests that whales are accumulating Pepe Coin at discounted prices, possibly in anticipation of a price recovery.
The PEPE Large Order Book also shows $2.6 million worth of whale orders clustered between $0.00000579 and $0.00000670. These orders, which have been in place for 9 days, indicate that whales are prepared to buy more PEPE tokens at lower prices, potentially driving up the price.
Is It Time to Buy Pepe Coin?
While current price analysis and technical indicators point to a bearish phase for Pepe Coin, the increase in whale activity suggests that a rebound could be on the horizon. If the price approaches the $0.00000575 support level, a bounce could be likely, making it a potentially attractive entry point for investors looking to capitalize on a possible trend reversal.
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