PEPE is back! Whale activity is a mystery, and it may set off a new round of skyrocketing frenzy!
After a recent pullback, PEPE has touched and tested its short-term rising support again. At this moment, we are closely watching whether demand at this key level has strengthened.
Currently, PEPE is in a critical area that may determine its next short-term trend. Looking back at the past two weeks, the performance of the meme coin seems to be unable to maintain the strong upward momentum shown in September.
We can't help but ask: if the bulls can gather again and make a comeback, does this mean that the upward momentum will continue?
Although PEPE has recently given up some of its gains in September, its short-term rebound signs still reveal a certain bullish tendency. In particular, the meme coin has just retested the short-term rising support line that is closely related to the September rally.
PEPE is trading at $0.00000935, up 2.63% in the past 24 hours. This performance undoubtedly shows that the short-term uptrend line is still in effect and the market is reacting positively to this retest.
The recent pullback has caused PEPE's RSI to slip to the 50% level. Fortunately, the RSI indicator has shown potential signs of turning around this area and has remained slightly above this level. This further confirms that the bullish momentum is still secretly exerting its strength.
The above observations undoubtedly highlight the importance of PEPE's current position. If enough market demand can be stimulated during this critical period, it may usher in more room for growth.
On the other hand, if the short forces launch a fierce attack and the market demand continues to be sluggish, the price is likely to continue to fall.
Next, let's evaluate the demand status of PEPE. First, we need to pay attention to the activities of whales, as their behavior often has a crucial impact on price movements.
In addition, the on-chain transaction volume also reflects a slowdown in activity over the past three days. Among them, the selling volume clearly dominates, which is consistent with the selling pressure observed during the same period. However, the latest data shows that the buying volume of PEPE has slightly exceeded the selling volume.
