As the cryptocurrency market faces ongoing challenges, attention is increasingly turning towards PEPE, the third-largest meme coin in the crypto world. As of December 28, 2024, significant fluctuations have been observed not only in PEPE but also in major cryptocurrencies like Bitcoin, Ethereum, and Solana. Despite the broader market struggles, PEPE is attracting interest from both whales and traders, hinting at potential opportunities amid the uncertainty.
Whales Show Renewed Confidence in PEPE
Even amidst market turbulence, PEPE has managed to capture the attention of major investors. On-chain analytics firm Coinglass, along with whale transaction tracker Lookonchain, have reported increased activity surrounding the token. Recently, Lookonchain shared that a notable crypto whale, who had previously liquidated all PEPE holdings for a $11.7 million profit, has made a substantial move by acquiring 1.42 trillion PEPE tokens, valued at $24.5 million, amidst the market downturn.
This strategic accumulation occurred over six days, suggesting that savvy investors view the current dip as an opportune moment to buy. Furthermore, PEPE’s spot inflow and outflow data reveal a significant exchange outflow of $40.86 million worth of PEPE. This trend indicates that long-term holders are withdrawing their tokens, often a sign of potential bullish momentum and rising buying pressure.
Technical Analysis Points to Potential Breakout Levels for PEPE
Technical analysis experts have observed that PEPE has been consolidating within a narrow range between $0.0000167 and $0.0000195 over the past ten days. A breakout from this consolidation could potentially lead to substantial gains for the meme coin. Analysts suggest that a decisive move past this range could significantly impact PEPE’s price trajectory.
Forecasting PEPE’s Price Trajectory
Based on recent market behavior, if PEPE manages to break through its current consolidation zone and close a daily candle above the $0.000020 level, it could potentially experience a 40% surge, reaching approximately $0.0000278. However, for this bullish scenario to unfold, PEPE must maintain a closing price above the critical $0.000020 mark; failure to do so might hinder its upward momentum.
Current Market Dynamics
As of the latest data, PEPE is trading close to the $0.000018 level, having seen a price increase of over 4.5% in the last 24 hours. Nevertheless, trading volume has dipped slightly by 3.2%, reflecting a cautious approach from traders and investors amid shifting market sentiment. The current dynamics suggest a complex interplay of factors influencing PEPE’s price movements, warranting close attention from market participants.
