PEPE whales could push coin for a positive retest
2024-09-06

PEPE whales are saving the meme coin’s price, which has been struggling to recover its losses following a significant crash at the end of July. Despite several attempts to regain momentum, PEPE remains close to testing a critical support floor. 

As of now, these large wallet holders seem to be the key force preventing further decline. Without their intervention, the altcoin could potentially lose its support level, leading to a deeper price drop.

In recent weeks, the overall market sentiment surrounding the PEPE price has turnedincreasingly bearish. Long-term holders, who traditionally play a vital role in supporting cryptocurrency prices, have shown signs of decreasing confidence. 

However, despite the bearish outlook from long-term holders, whale activity has played a crucial role in keeping the PEPE price afloat. Earlier this week, top addresses—excluding exchange wallets—collectively added more than 6 trillion PEPE, valued at a little over $42 million. 

This has reflected on the chart. PEPE price is presently trading just above its critical support floor of $0.00000702. This line has acted as strong support multiple times over the past few months. 

Thus, there is a reasonable expectation that PEPE will hold above this level for now. Should the price break below this line, it could spell trouble for the altcoin’s short-term prospects.

Currently priced at $0.00000710, PEPE is likely to continue its sideways movement in the near term. If the current level of buying persists, the coin could make a move toward its next resistance at $0.00000912. 

However, if selling pressure intensifies, this outlook could quickly shift. In that scenario, PEPE could see a decline to its support level at $0.00000633, invalidating any potential bullish-neutral thesis.