Whales Accumulate Pepe Amid Recent Surge, $0.00013 Resistance Next?

As meme culture grows, Pepe has now cemented itself as one of the top meme coins. This reflects its impressive market run.

The memecoin bounced off the $0.00000080 support level and has risen 12% in the last day. This occurs a substantial whales accumulation point to a more upward momentum ahead.

Whales Accumulate PEPE tokens, Should You Buy Too?

PEPE is showing a strong whale interest, which is evidenced by accumulation. Over the past hour, the lot of 835.6 billion Tokens worth more than $7.94 million was withdrawn from major exchanges Binance and Gate.io by the three major wallets.

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One whale address 0x51Cc, withdrew 535.81 billion PEPE tokens. This amounted to $5.09 million, solely from Binance. The move could be a strategic bid to accumulate in the wallets off-exchange, as well as another wallet identified as 0xa586, who withdrew 163.37 billion PEPE tokens, worth $1.44 million, from Binance.

These withdrawal numbers imply that whales are holding Pepe as an asset in anticipation of potential price movements, hence a good sign.

High-value investors such as whales accumulating such amounts could represent a bright future for Pepe. The potential upside they are building into for their own cash positions.

Indicators Turn Bullish as PEPE Rebounds From $0.00000080 Support Zone

On the Pepe chart, we’ve seen a bullish setup after a bounce off a key support zone at $0.00000080. Price action shows it has subsequently risen above the 50-day Simple Moving Average. This is a bullish signal and indicates that buyers are back to the reins.

If the former holds, the projected target is at the $0.00000130 resistance level, which acts as a 54.61% upside from the current price. A retest of the SMA along with this breakout of the support zone may lead to further bullish movement if buyers remain strong.

Additional bullishness also comes from momentum indicators. The Awesome Oscillator (AO) is showing green bars, picking up positive momentum, and bullish pressure is starting to develop.

The Relative Strength Index (RSI) is going up at the same time. It has crossed above the midpoint at 50, which signals that buying interest is building.

Funding Rate Hits 0.05%, Showing Bullish Sentiment and Strong Long-Interest

From August, we can see that Pepe’s funding rates made some major changes; the funding rate started falling to nearly -0.09% in early September. The strong short interest was shown by this negative funding rate as traders were betting on a price decline.

Following that bearish phase, it turned around, with funding rates shooting up sharply in late September and continuing to November with a peak positive rate of approximately 0.06% around early October.

Positive funding rates have coincided with an upward price trend of Pepe (yellow line), as shown in the data. Pepe funding rate mostly remained in the positive range, increasing demand for long positions as investors became more bullish between October and early November.

Funding rates recently are at highs of 0.03% to 0.05%, indicating traders remain optimistic about trade sentiment and are willing to pay a premium to remain long. The positive funding environment maintains Pepe’s price today at $0.00000094.

Funding rate movements, along with price movement pullbacks, also suggest Pepe may be preparing for more upside, but caution is advised, as funding rate oscillations often precede short-term corrections.