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Market enthusiasm surrounding Pepe (PEPE) is surging, particularly following a notable whale transaction that underscores confidence in the cryptocurrency’s future.
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Recent on-chain data suggests a strengthening of interest and investment, aligning with technical analysis that points towards a possible bullish continuation.
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The COINOTAG report highlights that a whale’s strategic acquisition of $2 million worth of PEPE at a pivotal price point has revitalized trader sentiment.
PEPE’s upward trajectory is fueled by whale activity, bullish market dynamics, and critical price levels that could signal new highs in the coming weeks.
PEPE: Is a bounce imminent?
Following its breakout from a persistent falling wedge formation, PEPE has experienced a significant rally, but the return to the support level of $0.00001714 has traders assessing the coin’s next moves. This critical point coincides with a vital Fibonacci retracement level, implying that it may act as a strong barrier against further declines.
The token’s journey has seen it reach resistance at $0.00002597, yet the recent retracement could signify a standard pattern for assets in a bullish phase. Traders are closely monitoring to see if PEPE can maintain momentum above this support; a bounce back to $0.00002000 could set the stage for a push towards higher price targets. Conversely, if bearish sentiment pushes prices below the support, a decrease towards $0.00001600 may occur.
Technicals indicate that significant resistance levels reside at $0.00002200 and $0.00002597, where recent trading activity has concentrated. A positive break above these levels could signal a continuation of the bullish trend.
Source: TradingView
Bullish signals keep optimism alive
The ongoing analysis of on-chain metrics reveals a promising landscape for PEPE, with a reported net network growth of 5.58% and a notable rise in large transactions by 10.99%. These movements indicate a keen interest from institutional players and large investors, which could stabilize prices in the near term.
Although the “In the Money” metric recently displayed a slight bearish reading of -5.61%, the prevailing sentiment remains cautiously optimistic. Should the technical structure maintain its integrity, there is potential for a sustainable rally that many traders are eager to capitalize on.
Source: IntoTheBlock
Liquidations underscore bullish dominance
Recent liquidation data reveals a total of $1.25 million in long positions were liquidated compared to $795,000 in shorts, suggesting that while bearish pressure is evident, the potential for bullish reversals remains. The substantial liquidations of short positions earlier this week signal the volatility inherent in the crypto space.
This scenario emphasizes the need for vigilant trading as investors watch for signs that could trigger a bullish resurgence. Rapid shifts in market sentiment may provide opportunities for traders looking to capitalize on evolving price actions.
Source: Coinglass
Can PEPE sustain its rally?
The combination of accumulating whale positions, strong on-chain metrics, and critical technical price points suggests that PEPE is poised to continue its upward momentum. Key for this momentum to persist is the support level at $0.00001714, which traders will watch intently.
If PEPE successfully maintains this critical support, the likelihood of revisiting $0.00002200 and potentially reaching $0.00002597 appears strong, paving the path for potential all-time highs.
