The price drop of $PEPE has triggered market panic, and whale movements may initiate a market reversal!
Although PEPE's price has recently declined a bit, the actions of those whales in PEPE suggest that the market might be on the verge of a major reversal.
Network growth has slowed down, and technical indicators are reminding us to be cautious about the upcoming price movements.
However, the significant actions of whales in PEPE, especially the recent deposit of 427 billion PEPE to Kraken in the last 30 hours, amounting to 8.5 million dollars, have shaken the market significantly.
These whales are holding 1 trillion PEPE and have made substantial profits, with the latest transaction netting them 2 million dollars. They have previously earned quite a bit from PEPE, totaling 11.7 million dollars.
Currently, the price of PEPE is 0.00001781 dollars, down 10.18% within 24 hours. Everyone is speculating whether this whale activity indicates a rebound or if there is too much resistance to rise.
The price trend of PEPE is at a critical moment, and it depends on whether it can stabilize at the support level of 0.00001701 dollars.
If it holds, it might surge to a high of 0.00002196 dollars; if it fails to hold, we need to be cautious about a downturn. Therefore, buyer strength is crucial; it must hold its ground to prevent further price drops.
Regarding network growth, it has indeed slowed down recently, but this does not mean it will continue to do so. If the whales can make more significant moves, it might stimulate network growth, and market sentiment could become excited again.
From a technical indicator perspective, the parabolic SAR shows that the price is still rising, and the momentum is quite good. On the directional movement index side, bears are still controlling the situation, but their strength is not strong. If buyers push harder, bulls might take control.
The ratio of bulls to bears shows that 65.07% of positions are bullish, indicating that people are still optimistic. Coupled with the whales' significant moves, a breakthrough of the resistance level for PEPE is not impossible. However, if market sentiment shifts and sellers gain the upper hand, the upward momentum may halt.
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