PEPE has faced a volatile week, recording a 24% correction that left the meme coin unable to break above key resistance at $0.00001146. However, increased activity from PEPE whales could be the catalyst needed to turn things around.
As investor confidence falters, the influence of large wallets could play a key role in fueling the rally if market sentiment can return to optimism.
The Whale PEPE Creates Significant Power
Recently, large transactions involving PEPE have spiked, indicating that whales are still active in the market. This metric tracks total transaction volume above $100,000, and currently, it has reached around $85 million. Typically, an increase in activity from such high-value transactions is a bullish sign, indicating that large wallet holders are preparing for future gains.
The whale activity demonstrates that, despite the market correction, large investors remain confident in the price recovery. Their optimism could help restore broader confidence in the market and potentially spur a bull run. However, for this to happen, sustained buying pressure from these large investors is needed to fuel market momentum.
One worrying sign is the slight decrease in the Average Age of PEPE, which reflects the movement of tokens held by long-term holders (LTHs). As the Average Age decreases, this suggests that LTHs are moving their coins, possibly in preparation for selling.
An increase in this metric would suggest long-term holding (HODLing), demonstrating persistence in the asset. If LTHs lose confidence and start selling, this could hamper PEPEâs upside potential.
The slight decline in Average Age could mean that some long-term holders are uncertain about the future of PEPE, which could limit the potential for a breakout. If LTH sentiment continues to decline, it could create more selling pressure, keeping PEPE's price low.
PEPE Price Prediction: Looking for Strength
At the time of writing, PEPE is trading at $0.00001040, looking to break above the local resistance at $0.00001146. If it succeeds in flipping this level into support, the coin could rally towards the important hurdle at $0.00001369, potentially reversing recent losses.
However, the lack of confidence among LTHs could make this breakout difficult. If PEPE fails to break above $0.00001146, the coin is likely to continue to stay in the range between $0.00001146 and $0.00000839, limiting the upside potential.
On the other hand, a successful break above $0.00001146 could lead to a 33% rally, reigniting investor optimism. This would recover losses from the 24% correction and invalidate the bearish-neutral view, opening the door for further upside on PEPE.
