Whale Accumulation Sparks Bullish Outlook for Pepe Coin Despite Weekend Price Dip
Pepe Coin price took a hit over the weekend, dipping below a critical support level. Despite this, whale activity saw an uptick as an on-chain analytics firm reported significant accumulation by large investors from Kraken, picking up billions of PEPE tokens. This raises the question: Do these whales have insider knowledge about Pepe’s future? Technical analysis suggests they might, as the formation of a particular pattern could propel Pepe Coin by 200% into a price discovery phase.
$6.18M Whale Accumulation and Its Impact on Pepe Coin Price
Blockchain analytics firm Lookonchain identified two wallets that withdrew a staggering 828.64 billion PEPE, worth $6.18 million, from Kraken on August 18. These wallets, suspected to belong to the same entity, now hold a total of 1.33 trillion PEPE, valued at $9.93 million. Meanwhile, Ethereum whales are taking the opposite approach, with even Ethereum founder Vitalik Buterin moving 400 ETH ($1.05M) through a crypto mixer.
This trend of reducing PEPE reserves on exchanges is not limited to Kraken; it’s seen across several centralized exchanges (CEXs). Data from Coinglass reveals that PEPE has experienced a net negative exchange inflow for five consecutive days, indicating that investors are anticipating a price increase.
In the past 24 hours, Binance recorded the largest net exchange flow for PEPE, amounting to $9.49 million, reflecting growing bullish sentiment, which is supported by PEPE’s technical analysis.
The Hidden 200% Bullish Potential for PEPE
Currently, PEPE’s price is in a downward trend, reflecting bearish market sentiment. The price has been consistently making lower highs and lower lows. However, since August 16, there appears to be a support level forming, which could potentially shift the momentum in favor of the bulls.
Recent candlestick patterns near the $0.00000700 support level show small-bodied candles, suggesting indecision and a possible weakening of selling pressure.
If Pepe Coin manages to hold above this support and begins to rally, it could complete a double-bottom pattern—a bullish reversal indicator. Should this pattern materialize, PEPE could see a 78% surge, reaching $0.00001600.
Moreover, this support level aligns with the 0.618 Fibonacci retracement level, adding further strength to this zone. A rebound from the 61.8% Fib retracement could propel PEPE to the 0.27 Fib extension level around $0.00002250, marking a more than 200% (4X) increase from its current price.
While the moving average convergence/divergence (MACD) line remains below the signal line in negative territory, hinting at ongoing bearish momentum, the histogram bars suggest a potential weakening of this trend.
However, if PEPE bulls fail to defend this support level, it would signal a significant weakness and could invalidate the bullish outlook. In that case, Pepe Coin’s price could fall further to test the next support level around $0.00000475, representing a 35% decline from its current price.
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