Traders buy $53M in PEPE—Analyzing if whales anticipate a rebound
The post Traders buy $53M in PEPE—Analyzing if whales anticipate a rebound appeared on BitcoinEthereumNews.com.
PEPE breached a multi-year support level and could repeat its rally move from the previous year. Spot traders keep accumulating; however, selling pressure in the derivatives market remained high. In the past 24 hours, Pepe [PEPE] has declined by 6.03%, at press time, as selling pressure grew, dragging its weekly loss even lower to 26.02%, with a monthly downturn of 31.88%. Despite this sluggish market performance, bullish positions have appeared on the chart, suggesting a price boom could be on the way. AMBCrypto has analyzed the possibility. PEPE: Historical rally point breached The chart shows that PEPE has broken a one-year support level that previously facilitated price recovery. Significant pressure is evident at this level, as seen during PEPE’s last trades here, which led to a 348% rise. This recent support-level breach might indicate a stop hunt, where investors push prices lower intentionally. This triggers numerous stop-loss orders before they quickly buy more of the asset, causing a rally. Source: TradingView In April 2024, PEPE breached this support level in a stop-hunt move, followed by a 338.9% bounce. A similar scenario might occur here. However, the bounce could also lead to a further drop, potentially reaching the lower support of $0.00000399. Afterward, PEPE may resume its upward trajectory. The Relative Strength Index (RSI) measures overbought (above 70) and oversold (below 30) conditions. PEPE recently exited the oversold region, with a current RSI reading of 31.87 and trending higher. If this trend continues, it could signal the start of a PEPE rally. Source: TradingView The last two RSI cycles suggest sellers are not fully exhausted, as prices rise slightly before dropping again. If this pattern persists, PEPE’s recent RSI bounce may only be temporary. A sustained rally would require the RSI to exceed the last three circled points significantly. This shift…
Filed under: News - @ March 10, 2025 6:24 pm