PEPE Coin pumped 6% a few days ago, but whale moves suggest the rally may be short-lived. A fresh wallet withdrew 492 Billion $PEPE ($3.74M), raising questions about what's next for the memecoin.
Key Takeaways
Whale Activity Spikes: One wallet moved nearly half a trillion PEPE off Binance, indicating profit taking or potential reallocation.
Technical Indicators
A. RSI is nearing overbought territory.
B. MACD shows weakening bullish momentum.
C. A bearish crossover could trigger a short-term downtrend.
Chart Patterns: A bearish hammer formation and fading volume resemble the September 2024 setup, where PEPE later corrected after a local high.
What This Means For Traders
Whale withdrawals often reduce exchange liquidity, which can lead to short term stability until whales re-enter and trigger volatility. PEPE's current price range ($0.00000200-$0.00000250) could act as a support zone if a dip occurs.
Whale exits, bearish indicators, and past chart patterns all hint at a possible PEPE price correction. Traders should watch RSI and MACD closely for confirmation of momentum shifts.
Given the dynamic nature of the cryptocurrency market, it is advisable to monitor ongoing developments closely.
