SNEAK PEEK

  • Whale’s strategic PEPE move defies bears and shows rebound potential.

  • Despite bearish pressure, the PEPE market attracts interest and signals reversal.

  • Rising selling pressure hints at a trend shift, setting the stage for the PEPE’s rebound.

The crypto community has taken notice of the significant transaction in which a whale withdrew 1.93T PEPE ($3.03M) from Binance. What’s intriguing is that the Whale decided to sell off 97,735 LINK ($592K) and 9,883 BNB ($3.01M), resulting in a loss of approximately $342K. However, instead of dwelling on this setback, the Whale swiftly swapped all their positions for 1.93T PEPE ($3.03M) and acquired 227 ETH ($424K).

A whale withdrew 1.93T $PEPE ($3.03M) from #Binance 11 hrs ago.

The whale appears to have sold 97,735 $LINK ($592K) and 9,883 $BNB ($3.01M) at a loss of ~$342K, swapping all positions for 1.93T $PEPE ($3.03M) and 227 $ETH ($424K).https://t.co/J7GIyl6di8 pic.twitter.com/MrNQcnLEpC

— Lookonchain (@lookonchain) June 28, 2023

This strategic move showcases their confidence in these assets’ potential and ability to rebound. During these transactions, bears dominated the PEPE market, driving prices to an intraday low of $0.000001533, despite bulls’ attempts to reach an intraday high of $0.000001656. At the time of writing, PEPE’s price had fallen from 1.20% to $0.000001541 due to persistent bearish pressure.

PEPE’s market capitalization dropped by 1.21% to $600,801,674 due to the recession, while the 24-hour trading volume increased by 3.34% to $204,305,423. This uptick in trading activity shows that there is still a lot of interest in PEPE, with both investors and traders actively participating in transactions and perhaps looking for opportunities within the market’s shifting conditions.

PEPE/USD 24-hour price chart (Source: CoinMarketCap )

The Fisher Transform value of -1.17 is negative and below the signal line on the 2-hour price chart for the PEPE market. This action indicates that selling pressure is increasing. Traders may consider going short or delaying the opening of long positions until a potential trend reversal occurs.

With a Rate of Change (ROC) value of -4.35, the market demonstrates significant negative momentum, which could lead to further declines if price action breaches vital support levels. In contrast, if the ROC rating improves and moves into positive territory, this may signal enhanced buying opportunities and a change in traders’ momentum.

PEPE/USD 2-hour price chart (Source: TradingView)

The Elder Force Index (EFI) for the PEPE market’s 2-hour price chart is negative, with a value of -9.947k, indicating that there is increased selling pressure in the market and the commencement of a bearish trend. Even if PEPE is in a dip, a significant price hike is likely coming.

On PEPE’s market 2-hour price chart, the Commodity Channel Index (CCI), which is negative and has its line pointing south, has a value of -64.14. This pattern indicates that the PEPE market is experiencing intense selling pressure and that a price reversal will likely happen soon.

PEPE/USD 2-hour price chart (Source: TradingView)

In conclusion, Whale’s strategic move in the PEPE market showcases resilience amidst bearish pressure, hinting at the potential for a rebound and renewed investor interest.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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