PEPE Price Surges 25%, Separates It From Crypto Market Decline
As PEPE moved away from the general market pessimism, its price rose by 25% in the last day.
On Monday, the PEPE network saw its highest weekly whale trading volume of $121 million.
As PEPE price approaches the $0.000025 resistance level, technical indicators suggest that the positive momentum may be waning.
PEPE price broke away from the year-end volatility in the broader crypto market and jumped 25% in the past 24 hours. Is the $0.000025 resistance level too high for PEPE to overcome, as whales head into a last-minute buying spree?
A 25% spike in PEPE price separates the crypto market from a downturn.
Amid the extreme volatility that characterized the final trading hours of 2024 in global crypto markets, PEPE emerged as the best performer.
Despite the pullback, Ethereum is still struggling around $3,300 while Bitcoin is trapped around $95,000, unable to reclaim important psychological milestones.
Likewise, meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have seen double-digit losses over the past seven days.
Despite the gloomy outlook, PEPE price rose significantly on Tuesday.
On the last trading day of 2024, PEPE outperformed all top 20 cryptocurrencies with a 25% gain.
With a market valuation of $8.3 billion and returns of up to 1,500% annually, PEPE is expected to end 2024 as the third-largest meme coin project, after DOGE and SHIB.
Speculators saw whales trade $121 million in a last-minute frenzy.
Many are wondering whether Tuesday’s 25% PEPE price surge is sustainable or just a short-lived surge caused by circumstances that won’t last. A potential catalyst for this surge could be an unexpected surge in whale trading activity on the PEPE network, as seen from on-chain data patterns.
On Monday, the PEPE network recorded a weekly high of $121 million in whale transactions, according to chain analytics firm IntoTheBlock.
This number indicates the highest level of activity on the PEPE blockchain from large wallets in over a month.
Large investors appear to be strategically building their stakes, taking advantage of market downturns and low liquidity, to push prices higher, based on the timing of these transactions.
Monday’s surge in whale demand coincided with a 25% increase in PEPE’s price in the previous 24 hours, but whether this demand will continue or whether the surge will turn into a bullish trap remains uncertain.
The $0.000025 level is a major hurdle for PEPE price.
Technical indicators suggest that the bullish momentum may face obstacles as the price approaches the $0.000025 resistance level, despite the recent significant increase in PEPE.
In this price area, bears usually create a strong selling wall when the market crisis began in mid-December.
On the daily term, the Moving Average Convergence Divergence (MACD) indicator indicates that there is low enthusiasm for a price rise.
Shallow peaks on the chart indicate that there is low trading volume and weak demand to support further upward movement, even if the MACD line has crossed above the signal line.
Bitcoin and Ethereum are struggling to hold important levels, and other meme coins like SHIB and DOGE are still negative, so this is in line with the general market trend.
The Relative Strength Index (RSI) also indicates no change in trend, as it is now at 53.08.
The Relative Strength Index (RSI) has not yet entered the overbought zone, indicating that the rally does not have the usual strong momentum to break above major resistance levels, even if these levels allow for further upward movement.
The next target is $0.000030, and a broader uptrend may start if PEPE price rises above $0.000025.
A resumption of whale activity or a broad change in market sentiment would be necessary for such a move to occur.
However, this scenario seems less likely in the near future, when taking into account the weak MACD momentum and rising PEPE against the broader market trends.
If the resistance level of $0.000025 is not met, a consolidation period is expected to follow. A retest of $0.00002006 and possibly a further decline to $0.00001846, where the lower Donchian channel may provide a safety net, could be the result of a rejection at this level.
If the price drops below $0.00001846, the current bullish structure will be useless, and there may be a drop below $0.00001441.