Pepe (PEPE) is drawing attention from investors due to whale accumulation and technical signals pointing to potential continued growth. Despite a slight decline, its key levels suggest a chance for a bullish rebound.
Whale Activity and Key Signals
A recent whale purchase of $2 million at a price of $0.00001899 has sparked optimism regarding PEPE’s future trajectory. This move has increased traders' interest, even as the token experienced a 3.93% drop to $0.0000192.
Despite this short-term dip, analysts are focusing on critical support and resistance levels that could determine PEPE’s next move.
Can PEPE Bounce Back?
After breaking out of a long-term falling wedge—a known bullish signal—PEPE tested resistance at $0.00002597. Following this attempt, the price retraced to the critical support zone at $0.00001714, aligning with the 0.786 Fibonacci retracement level.
This pullback, while sharp, is typical after a strong breakout and often sets the stage for further gains. Holding above this support level could enable PEPE to reclaim $0.00002000 as a launchpad for another push higher.
However, failing to maintain this level could expose the token to further declines toward $0.00001600. Conversely, regaining resistance at $0.00002200 or even $0.00002597 could confirm a renewed bullish trend.
On-Chain Data Provides Positive Signals
On-chain analysis indicates that PEPE still has room for growth. Network growth increased by 5.58%, and the volume of large transactions rose by 10.99%, reflecting heightened interest from major players.
While the “In the Money” metric showed a slight bearish signal (-5.61%), the overall sentiment remains predominantly positive. These indicators reinforce confidence in the potential for another rally, provided technical support levels hold.
Liquidation Data Indicates Bullish Dominance
Liquidation data confirms bullish dominance. While $1.25 million in long positions were liquidated, short positions amounted to $795,000. This data highlights ongoing volatility but also the possibility of rapid sentiment shifts.
Traders are closely monitoring whether bullish momentum can be sustained and critical support levels preserved.
Key Levels to Determine the Next Move
Whale accumulation, positive on-chain signals, and the testing of critical technical levels indicate that PEPE has the potential to continue its rally. Holding above the $0.00001714 level remains crucial for further upward movement.
If this support holds, PEPE could test $0.00002200 and potentially reclaim $0.00002597, paving the way for new highs.
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