The return of TheRoaringKitty to the crypto scene has stirred excitement among enthusiasts, particularly within the memecoin community.
While some alternative coins may experience significant growth, others, like $PEPE, could be poised for a pullback following a recent surge that propelled it to an all-time high earlier this week.
Analyst Ali Martinez, known for insights on X, points out concerning signals for $PEPE. The TD Sequential indicator on the PEPE 3-day chart has triggered two sell signals: an aggressive 13 and a green nine candle.
Additionally, there’s a bearish divergence between price action and the Relative Strength Index (RSI), suggesting potential downward pressure.
.@TheRoaringKitty‘s return has the crypto community buzzing about #memecoins! While some #altcoins may thrive, others might not. $PEPE, in particular, seems poised for a retrace.
The TD Sequential shows two sell signals on the #PEPE 3-day chart: an aggressive 13 and a green nine… pic.twitter.com/9spYZnQ1LO
— Ali (@ali_charts) May 16, 2024
Despite potential concerns, on-chain data still indicates whale accumulation of $PEPE. According to Lookonchain reports, a significant whale withdrew 520 billion $PEPE ($5.28M) from Binance in the past 24 hours.
However, this particular whale’s trading strategy seems less than savvy, having purchased a total of 10 tokens without selling any. With the current price, this approach resulted in a total loss of $6.1M, with only half of the tokens being profitable.
A whale withdrew 520B $PEPE($5.28M) from #Binance 30 minutes ago.
It is worth noting that this whale is not smart.
He bought a total of 10 tokens and never sold them.
According to the current price, he lost a total of $6.1M, 5 tokens were profitable, and the win rate is 50%.… pic.twitter.com/fC4drHO7ZP
— Lookonchain (@lookonchain) May 15, 2024
Another $PEPE Whale Movements To Monitor
Meanwhile, another wallet associated with Block Tower Capital has reportedly acquired 202 billion $PEPE ($2.22M) via Cumberland. However, recent reports suggest trouble for Block Tower Capital, as its main hedge fund faced compromise and partial depletion due to fraudulent activities.
A wallet related to #BlockTower Capital seems to have bought 202B $PEPE($2.22M) via #Cumberland just now.
According to Bloomberg, #BlockTower Capital’s main hedge fund has been compromised and partially drained by fraudsters.https://t.co/NNw1OdQHtM
Address:… pic.twitter.com/ZRIsGPsPy8
— Lookonchain (@lookonchain) May 15, 2024
The uncertainty surrounding $PEPE’s future trajectory underscores the volatile nature of the memecoin market. While whale accumulation may indicate continued interest, caution is warranted, especially considering potential sell signals and external factors affecting key players in the cryptocurrency industry.
As traders navigate these developments, vigilance and strategic decision-making will be essential to mitigate risks and capitalize on opportunities in the ever-changing crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Source: https://nulltx.com/theroaringkittys-comeback-sparks-memecoin-frenzy-pepe-faces-potential-retrace/