Pepe Coin price experienced downward selling pressure in the past day, potentially due to news that the U.S. government moved 10,000 BTC from the Silk Road wallet. The markets panicked as the Crypto Fear and Greed Index dropped from 30 to 29 in the last 24 hours. Despite the decline in the PEPE price, whale and trader behavior reveal that the asset may be geared up for a rebound soon.
PEPE Coin Price Analysis
PEPE price dropped 4.9% over the last 24 hours to trade at $0.00000778, breaking down from a symmetrical triangle pattern on its price chart.
Looking ahead, the price of PEPE is clearly in a downtrend, as indicated by the lower highs and lower lows forming a symmetrical triangle. The price is trading below the 50-day Moving Average (EMA) at $0.00000829 and the 200-day EMA at $0.00000961, reinforcing the bearish trend.
The price recently broke below the triangle pattern, suggesting a potential downtrend continuation. Pepe Coin price may likely find support around $0.00000700, and the previous low was $0.00000600.
The Moving Average Convergence Divergence (MACD) histogram is bearish, showing increasing downward momentum. The MACD line trending below the signal line reinforces this sentiment, further indicating a strong bearish sentiment.
If PEPE bulls stage a comeback, the price may surge above the symmetrical triangle, invalidating the current bearish market structure. PEPE price would target the next major resistance at the 200-day EMA.
Whales are Buying PEPE
PEPE whale activity increased over the last 48 hours, with IntoTheBlock reporting a 192% increase in large holder inflow between August 13 and 14, signaling a bullish sentiment around the asset.
Additionally, the PEPE Spot netflow was negative on August 14, according to data from Coinglass. Yesterday, approximately $5.95 million worth of PEPE existed exchange reserves, an increase from the previous day’s positive netflow of $1.27 million. This, combined with whales increasing their balances, suggests that large investors are scooping up Pepe Coin at discount prices in anticipation of a bullish trend reversal.
Further analysis of the PEPE Large Order Book revealed $2.6 million worth of whale orders, around $0.00000579 and $0.00000670. The orders, which have been waiting for 9 days, reveal that whales are set to scoop up more PEPE tokens at lower prices, which may drive up the Pepe coin price.
Should You Buy Pepe Coin?
Pepe Coin price analysis and indicators point to a bearish phase, with the recent breakdown from the symmetrical triangle suggesting further downside potential. However, whale and trader activity tells a different story. Even though the downward trend dominates, a bounce is likely once the price reaches the $0.00000575 low.
Frequently Asked Questions (FAQs)
Yes, Pepe Coin is currently in a bearish trend. The price is forming lower highs and lower lows, trading below key moving averages like the 50-day EMA ($0.00000829) and the 200-day EMA ($0.00000961).
Whale activity has increased significantly, with large holder inflow surging by 192% between August 13 and 14, according to IntoTheBlock. This suggests a bullish sentiment among large investors, who appear to be accumulating Pepe Coin at discounted prices, possibly anticipating a price rebound.
While Pepe Coin is currently in a bearish phase, the significant whale activity and the potential for a price bounce once the $0.00000575 low is reached might present a buying opportunity.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/is-pepe-coin-price-headed-to-another-correction/
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