Pepe (PEPE) has made a remarkable comeback, rising more than 11% in less than a week. The rapid rise marks a recovery from a recent decline, largely due to large purchases by whale traders.
Pepe is currently trading around $0.00000101, recovering from a low of $0.00000099. These changes may seem small at first glance, but they can lead to significant gains, especially for those holding larger positions.
Whale Activity Boosts Investor Confidence
PEPEâs recent price surge has been fueled by increased whale activity, as the post above highlights. When whales accumulate large positions, they often cause a chain reaction across the market. Smaller investors, looking for signs of confidence, often follow suit.
This has brought a wave of liquidity to Pepe, cementing its position as one of the most resilient digital assets this October, even as other cryptocurrencies have faced declines. Binance, one of the top exchanges, recently reported a 1.20% increase in Pepeâs price, bringing it to $0.00000109.
This uptrend, despite the overall market struggles, shows that traders are steadily accumulating positions. The consistency in buying pressure suggests growing confidence in Pepe, which could be a key factor sustaining its upward momentum.
Positive technical indicators
Technically, Pepeâs outlook remains cautiously bullish. The 4-hour chart is printing higher highs and lower lows, a classic bullish signal. Additionally, the Relative Strength Index (RSI) is currently at 47.03, putting Pepe in neutral territory.
This indicates that the token is neither overbought nor oversold, leaving room for further upside if the current bullish momentum remains intact. Additionally, the appearance of a 'golden cross' is also worth noting. A golden cross typically forms when the 50-day Simple Moving Average (SMA) rises above the 100-day Simple Moving Average (SMA), which is generally considered a bullish indicator for future prices.
Currently, Pepe is testing a key resistance level at $0.00000109. If this level is broken, the next target could be $0.00000112. However, on the downside, strong support remains at $0.00000098. This support level could act as a safety net where investors see a buying opportunity at a bargain price.
Overall, Pepeâs recent surge above key resistance levels has sparked renewed optimism. The growing confidence of whales, coupled with positive technical indicators, suggests that further gains are likely to come. Investors are watching closely, eager to see if this rally can take Pepe to new highs.
