PEPE Could Rise Again If Horizontal Support Holds

Lookonchain data shows that one wallet address holding 1 trillion PEPE tokens transferred $8.5 million of this meme currency to Kraken this week.

This kind of transaction frequently indicates that significant holders are selling. Exchanges are more liquid than DEXs for this volume.

This wallet address made approximately $12 million in late December by taking advantage of $PEPE's December 19 fall. This investor bought the token again days later at a reduced price and eventually accumulated almost 1.42 trillion coins.

Based on its prior behavior, the whale's shift of so many tokens to Kraken, likely to be sold, suggests a significantly larger decline for PEPE the coming days.

PEPE Could Rise Again If Horizontal Support Holds
The current decline hurt meme coins overall. Their total market worth dropped from $121 billion to $97.3 billion in 30 days.

The top 5 tokens, including Dogecoin ($DOGE), Shiba Inu ($SHIB), and Bonk ($BONK), have all dropped double-digits in the previous 30 days. The worst correction was on $PEPE.


Today's 1.8% drop makes it the third day in a row and the fifth in six trading sessions that PEPE fallen. This decrease has brought this meme currency to $0.00001686, a key horizontal support.

In the last month and a half, PEPE found support three times between $0.00001650 and $0.00001700. This asset's value may rise in the near term if the support area holds in a descending triangle.

Declining triangles suggest that buyers were unwilling to pay a high price for the item but appeared after the price dropped near to a specified area. Specifically, the range above.

If the price breaks the falling triangle and explodes beyond $0.00002200, $PEP$PEPE shake off the last wave of negative momentum and rise again.

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