Pepe Coin Price Flashes a Bullish Signal with 70% Upside Potential
Pepe Coin price has not been as bullish as other top-ranking cryptocurrencies because, from analysis of investor behavior, the market is divided between bearish traders and bullish long-term investors. While Pepe secured a free listing in the upcoming Hong Kong-based HashKey exchange, the asset is struggling under heavy resistance. The price of PEPE hovered around $0.00000785 during the London trading session, a 1.3% uptick.
Whales vs Traders – Where Will Pepe Coin Price Follow?
The current stagnation in Pepe Coin price stems from a struggle between large holders and retail traders. While whales are accumulating PEPE and anticipating a price rise, retail traders seem to be bearish on the asset.
The PEPE Crypto Derivatives Visualizer shows that traders are closing their Short positions in profit since the open interest (OI) dropped while the price increased. Usually, when Shorts close, they tend to open Long positions, but a second metric suggests this may not be true.
A side-by-side comparison of the OI and cumulative volume delta (CVD) shows that both are dropping. When this happens, it signifies that long positions are being closed. This means that although Shorts are closing in profit, no new Long positions are opening, which can be a bearish indicator for the PEPE.
Conversely, PEPE large holders remain strong in their resolve to accumulate the meme coin. Data from Santiment shows an increase in whale activity over the last 48 hours. The red spikes show increased transactions from whales with more than $5 million worth of PEPE, while yellow spikes represent $100,000 net-worth whales. The blue rising histogram represents the active addresses, which have increased over the last 24 hours, signaling new users have entered the PEPE fold.
The whales and new users are on to something, as the Pepe Coin price chart hints at the possibility of a 68% surge in price in the future.
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