PEPE sees bullish signs, whale activity spikes 293%
- PEPE shows signs of a bullish trend after testing resistance at the 200-day SMA.
- Large PEPE transactions have increased from 1.96 trillion to 7.71 trillion within 24 hours.
- A potential price increase of 36% could be on the horizon if PEPE breaks the resistance at $0.0000097.
PEPE: Bullish Signals After Testing the 200-Day Resistance
The meme coin PEPE has seen a 5.6% price increase over the past 24 hours, recently trading at $0.00000947. Despite this rise, PEPE remains down by about 7% over the week. However, several technical indicators point to an impending upward trend.
Since mid-October, PEPE has been trading below the 200-day SMA (Simple Moving Average), indicating a long-term downtrend. But the recent test of this resistance could signal a trend reversal. If PEPE breaks through this resistance, it could mark the beginning of a new upward trend.
Rising Buying Pressure and Positive Market Sentiment
A look at the Chaikin Money Flow (CMF) shows that buying pressure is increasing while selling pressure is decreasing. The CMF value is currently at 0.18, indicating growing interest in PEPE. Additionally, the volume of buys has exceeded the volume of sells over the past four days, further supporting the bullish trend.
If PEPE surpasses the resistance at $0.0000097, it could trigger a price increase of up to 36%, pushing the price to the 1.618 Fibonacci level of $0.0000129.
Whale Activities Increase Significantly
Data from IntoTheBlock shows that large PEPE transactions have significantly increased over the past 24 hours. The volume of these transactions rose from 1.96 trillion PEPE (approx. $17 million) to 7.71 trillion PEPE (approx. $70 million). This increase in whale activities could further impact the price volatility.
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Whales, or large investors, control about 48% of the PEPE supply, while retail investors hold 27%. An increase in whale transactions could therefore indicate heightened buying activity, potentially driving the price further upward.
Positive Market Sentiment and Rising Long Positions
The Long/Short ratio, an indicator of market sentiment, shows that confidence in PEPE has risen in recent days. The ratio has increased from 0.87 to 0.99, indicating that more traders are closing their short positions and betting on rising prices.
Additionally, PEPE funding rates have recently reached a weekly high, suggesting that more traders are opening long positions and speculating on further price increases.
Our Assessment
Current market data suggests that PEPE may be poised for another price increase. The test of the 200-day SMA resistance, rising buying volume, and increased whale activities point to a bullish development. If these trends continue, PEPE could see a significant price rise in the near future. However, traders should keep an eye on market volatility, as whale activities can quickly influence the price.
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