During Tuesday’s U.S. market hours, the crypto market witnessed a surge in selling pressure as Bitcoin extended corrections below $100k. The bearish momentum intensifies, especially in memecoin, due to the inherent volatility. Thus, the Pepe coin price dived 13.5% to trade at $0.0000229 currently. However, the correction experiencing whale accumulation hints at the potential for a bullish turnaround.
According to Coingecko, the PEPE’s market cap stands at $9.6 Billion, while the 24-hour trading volume is at $13.4 billion.
Key Highlights:
- The PEPE coin shows the potential for a bullish reversal as whale activity spikes amid market pullback.
- The $0.000022 line coinciding with the interesting point of two diagonal trendlines indicates a strong support level.
- The traditional pivot level indicator shows overhead resistances at $0.000029 and $0.0000325.
Massive PEPE Accumulation: Single Entity Buys 555 Billion Tokens
According to the onchain data tracker, lookonchain, nine wallets—likely linked to a single entity—spent a staggering 13.8 million DAI to acquire 555 billion PEPE tokens within two hours. The purchases were made at an average price of $0.000025 per token, suggesting a calculated accumulation strategy amid growing interest in the memecoin market.
This substantial investment could signal bullish sentiment among large investors, potentially driving PEPE’s price higher in the near future.
Pepe Coin Price Analysis: Key Support and Resistance Levels to Watch
Amid the Bitcoin struggle to sustain above the $100k level, the Pepe coin price has remained in a sideways action. With the broader market selling rising, the memecoin reverted sharply to $0.000026, sparking a potential correction in the near future.
However, the price currently seeks support at the intersecting point of two diagonal trendlines around $0.000002. The ascending trendline of the two has been intact since early November and drives the current recovery with dynamic support.
If the support holds, the Pepe coin price offers a sustained breakout from $0.000026 resistance. With the asset entering price discovery mode, the pivot level indication shows potential resistance at $0.000029 and $0.0000325.
On the contrary note, a breakdown below the lower trendline could invalidate the bullish thesis and drive a prolonged correction.
Also Read: Binance vs Coinbase: Memecoin Listing Trends in 2024
