Whales Offloading Pepe Crypto, Prices Surge, Correction Coming?

An early PEPE crypto investor who purchased tokens for a paltry 0.035 Ethereum (ETH), or $70.4, for his initial purchase, deposited his remaining 189.4 billion PEPE, worth $4.15 billion, into Kraken exchange.

With a return of more than 100,000 times the initial outlay, this is a monumental return on investment since an initial $70.4 has returned over $7.06 million.

Pepe Crypto Price Reaction Analysis

Over the past 24 hours, Pepe has seen some massive gains, with the price increasing by almost 6%. This rally is partly a broader meme coin trend where meme coins have recently dominated charts with notable gains.

However, as Kraken saw a large whale’s deposit, this could strongly indicate impending market dynamics flip, where large holders start offloading their gargantuan positions.

On PEPE crypto price charts we see a falling wedge pattern, usually a bullish reversal pattern, as seen on the chart. The wedge worked, and the pattern broke out at the price successfully.

The price increased to the initially measured target post-falling wedge break, as shown on the chart. If you look at the expected breakout behavior of a falling wedge, the same would make sense.

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On the other side, analyzing other indicators, the Relative Strength Index (RSI) value is about 56. This indicates moderate bullish momentum.

The RSI is above 50, so the price is currently in an uptrend but still not overbought. That room allows room to go up further. The support is breaking, and the breakout trough of the wedge now acts as this level (~0.00002100).

We are near resistance around 0.00002200–0.00002250 at the current price. If this resistance is broken, further bulls are expected.

As expected from this pattern, the breakout of the falling wedge has triggered a bullish trend. After busting out the measured target, the price consolidates slightly.

This is a healthy sign of the continuation of an upward advance. The price may bounce and rise above the resistance at $0.00002250, aiming towards $0.00002350 or above.

If the price can’t stay above current support ($0.00002100), it may retrace down and back to the $0.00002000 region.

Market Outlook and Potential Correction

The market could see a price correction as the influx of tokens outstrips buyer demand about the impending influx of whale activity, specifically the offloading of large amounts of Pepe crypto.

Like the steep chart of a love affair, these activities can be closely monitored by investors and traders, who need to watch out for what they tell us about future market movements.

Additionally, whales’ introduction of an influx of Pepe to the market can make its price more volatile. Volatility opens the door for high potential gains and puts your money in danger of major losses.

This is especially true for those who are not pastime market watchers or do not possess risk control tactics.

Crypto analyst Miles Deutscher says that while traders are watching bullish momentum build on Ethereum (ETH), they’re looking at PEPE crypto as a high-beta play.

He is one of the leading meme tokens on Ethereum and claims PEPE has seen traction with listings on major exchanges such as Coinbase, Robinhood, and Binance.

The analyst thinks PEPE crypto makes sense to play to the current meme narrative and solid chart foundation to look to expect a move upward in the wider Ethereum ecosystem.