Pepe Coin Whale Moves $2.17M, Confidence or Caution
- A Pepe Coin whale withdrew 292.97B PEPE ($2.17M) and 273K WLD tokens ($391K) from Binance, signalling potential bullish intent despite current market trends.
- PEPE has been in a downtrend since May 2024, breaking below key EMA levels (20, 50, 200 days), indicating a strong bearish momentum in the market.
- As of the latest update, PEPE is trading at $0.00000753 with a 1.18% intraday drawdown, highlighting ongoing volatility and uncertainty in its price movement.
PEPE Whale Withdrawal Sparks Interest; Will Pepe Rebound?
A significant transaction by a Pepe coin whale has drawn attention in the crypto community. The whale withdrew 292.97 billion PEPE (worth $2.17 million) and 273,000 WLD tokens (worth $391,000) from Binance. This move comes amid a series of outflows as traders react to changing macroeconomic conditions.
The transaction is notable because assets moving out of exchanges often signal a bullish trend, as holders intend to keep the crypto for longer periods. Conversely, inflows to exchanges usually indicate an imminent sale. Despite recent slow progress, the whale's large bet suggests confidence in Pepe Coin's future trajectory.
Pepe Coin Price Performance On Daily Time Frame
PEPE memecoin price has been in a downtrend since May 2024 trading in a downward channel. Recently its price break below the key EMA levels of 20-day, 50-day and 200-day suggesting bears dominance in the Pepe price.
At the time of writing PEPE was trading at the level of $0.00000753 with an intraday drawdown of 1.18% with a 24-hour trading volume of $398,707,897. At press time its market cap stands at $3,168,995,861.
Since the beginning of the year PEPE has given outstanding returns it was up by almost 480% showcasing a positive performance. Moreover, It was down by almost 47% in the last 3 months and 11% last week showing bearish momentum in price.
According to a PEPE technical summary of Trading-view out of 26 indicators, 14 are on the sell side, 10 are neutral and 2 are indicating the buy signal indicating bearish momentum in PEPE crypto.
To break the bear's hold PEPE need the buyer's support and break above the descending channel pattern. If the Pepe price breaks above the channel pattern it could start a fresh rally towards the $0.00001726 level.
The nearest support levels for the crypto price were $0.00000687 and $$0.00000587 and the resistance level for the crypto was $0.00000958.
Conclusion
A significant withdrawal by a Pepe coin whale from Binance has sparked interest, suggesting confidence in the coin's future despite recent bearish trends. PEPE has experienced a downtrend since May 2024, breaking below key EMA levels. Currently trading at $0.00000753, it has shown both impressive gains and notable declines this year. To reverse the bearish momentum, PEPE needs to break above its descending channel pattern, with key support and resistance levels identified at $0.00000687, $0.00000587, and $0.00000958, respectively.
