PEPE whale activity surges: A sign of price reversal?
PEPE whale trading activity has surged by 73%, reaching $141.81 million in the past 24 hours.
High liquidity clusters and Open Interest suggest the potential for price recovery.
In the past 24 hours, PEPE whales have become more active than ever, with total large transaction value increasing sharply by 73%, reaching $141.81 million, according to the latest on-chain data.
The continuous rise in large trades coincides perfectly with PEPE testing a crucial support zone in the form of a flag.
Typically, these fluctuations signal a continuation or reversal trend. Recent strong activity from whales could be a game-changer, steering PEPE towards a bullish reversal phase.
Source: IntoTheBlock
The accumulation period of whales becomes a crucial factor, especially when the broader cryptocurrency market signals contrasting trends. PEPE's flag support zone is holding firm and creating a bounce, as evidenced by a 4% increase on the day at the time of the update.
The surge in Open Interest reinforces the reversal trend.
Another positive indicator is the spike in PEPE's Open Interest. Open Interest reflects the number of open Futures contracts, reflecting the sentiment in the cryptocurrency market.
In the case of PEPE, the increase in Open Interest indicates that both traders and investors are preparing for significant price volatility, especially when combined with rising whale trades.
Thus, the intersection of on-chain data and technical factors is an undeniable signal for PEPE.
Source: CoinGlass
Liquidity clusters boost bullish sentiment.
Liquidity data further reinforces confidence in recovery prospects. PEPE's heatmap in the Futures market shows clusters of liquidity concentrated at higher price levels, signaling the potential for a 'short squeeze' as prices break through resistance.
Typically, these liquidity clusters act like magnets, pulling prices up as the market seeks new liquidity.
Source: CoinGlass
Overall, the combination of positive technical outlook, strong accumulation from whales, and high Open Interest is laying the groundwork for a bullish reversal phase for PEPE.
A significant bounce from this zone could unleash even stronger upward momentum—especially if cryptocurrency market sentiment remains optimistic.
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Source: https://tintucbitcoin.com/pepe-hai-tin-hieu-bao-song-tang/
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