Contrary to recent market movements, the PEPE price has seen a significant increase this week. Supply pressure from the previous all-time high resistance of $0.0000108 sent the token down 18.8% to $0.00000943. With Bitcoin at $67,000, PEPE price is in a choppy move to continue the prevailing rise or enter a new correction.
Whale Activity in PEPE
Pepe coin price has experienced a steady recovery since last month, driven by the rising trend line on the daily charts. This dynamic support increased the value of the altcoin from $0.00000393 to an all-time high of $0.0000161, resulting in a growth of 195%. However, overhead resistance at $0.0000108 prevented the daily candle close and PEPE price dropped to $0.00000925.
According to cryptocurrency analytics firm Spot On Chain, a recent transaction by a PEPE whale significantly impacted the token's price. Thirteen hours ago, a multi-signature wallet identified as 0x1a2 transferred 457.9 billion PEPE tokens worth approximately $4.54 million to Binance. This move contributed to PEPE's 6% price decline. Spot On Chain states that the mentioned whale has a history of poor trading decisions. Whale lost $717,000 from two separate PEPE transactions in the last 15 days. According to historical data, the whale's transactions often led to sharp price drops when large quantities of PEPE were transported.
Price Analysis in PEPE
This frog-themed meme token is currently trading above the aforementioned support trend line and could aim to fit into the renewed recovery momentum. Moreover, if PEPE manages to stay above the ascending trend line along with the sustainability of Bitcoin's price above $65,000, buyers can take the next recovery bounce to $0.0000138 and then to $0.0000167.
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