The price of PEPE is slightly declining, but whales continue to buy it in large quantities. Is it wise to follow them?
The recent gains of PEPE are mainly attributed to five separate crypto wallet owners purchasing over 600 billion PEPE coins on April 15 when its price was around $0.0000070, leading the coin to embark on an upward trajectory despite lacking strong subsequent buying pressure from whales over the past week or so.
However, upon reviewing the daily price chart movements of the PEPE/USD pair, we can observe that the price remains at the beginning of a medium-term upward trend.
For example, the 30-day moving average index (DMA-30 in orange) has recently started to rise towards its 200-day counterpart (DMA-200 in blue), and it is likely that there will not be enough space to launch before hitting the upper time frame barrier (DMA-200) and experiencing a strong correction at that point.
We will also notice the Relative Strength Index (in purple) rising to near 70 after spending nearly two months below 50, indicating that it has gone through an excessive sell-off.
Thus, it is likely that the price of PEPE will continue to recover over the next few days, provided that the broader market continues to rise after undergoing an extended sell-off as well. Other positive indicators include the fact that the rate of attracting investments to PEPE has been extremely positive in recent days, indicating renewed buying pressure. Given its history of surges and strong volatility, some analysts see the possibility of its value multiplying by up to 10 times during the anticipated upward waves.
Therefore, we may witness the price #PEPE rise to touch $0.000010 over the next month in preparation for regaining the $0.000020 level by the last three months of this year.
