PEPE Shines With 25% Gains As Market Sees Correction
PEPE surged remarkably in the past week posting gains of approximately 20%. The $0.0000011079 support level on the daily chart acted as a price pivot for the gains in the last few days, indicating an attempt to enter the buy zone.
PEPE’s previous attempts to break above the $0.0000015440 resistance zone between July 19-24 were unsuccessful. However, the bulls are in control, driving PEPE to attempt another break above the $0.0000015440 resistance.
The rally in the past 7-days indicates a momentum shift for PEPE to a more positive outlook as the bulls attempt to seize control again.
PEPE Bulls Forcing Another Rally, But Bears Still Active
Price volatility is evident when comparing price data for PEPE on the daily, weekly, and monthly timeframes. It trades at $0.000001348 on August 15 with a 6.03% price drop in 24 hours, while it has dropped 17% on the monthly time frame.
However, PEPE shows a more positive outlook on the weekly timeframe, although traders must tread cautiously as a price drop remains a possibility due to volatility.
The Relative Strength Index (RSI) value is 55.71 in the neutral zone reflecting traders’ indecision in the market. Also, the Moving Average Convergence Divergence (MACD) is rising above the signal line, confirming the return of the bulls.
However, the size of the candles indicates low trading activity despite the gains making the price action moving forward quite tricky. The close of the August 15 candle will bring confirmation of the next price direction.
PEPE Shows Resilient Above $0.00000120 As Whale Comes Onboard
In recent days, there has been a resurgence in PEPE’s performance. This trend is attributable to substantial investments from prominent investors and a rise in social engagement. According to Lookonchain data, there is a significant surge in whale attention to the PEPE token.
The data shows a whale spent $ 1 million to acquire 807 billion PEPE tokens at $0.000001239. This whale involvement will likely have positive impacts on the price of PEPE.
Another instance of this type of Whale involvement occurred on August 7. A holder of PEPE tokens sold a substantial amount of 2.26 trillion tokens at the price of $0.000001121 per token.
Unfortunately, this action resulted in a significant decrease of $707,000 in the token’s overall market capitalization. Such contrasting maneuvers taking place in a short period might carry potential consequences for individual investors over an extended duration.
Meanwhile, the asset has been experiencing a notable resurgence, attracting investors’ attention. The steady upward trajectory has pushed it from $0.000001185 to approximately $0.000001356, with a trading volume of over $100 million.
Featured image from Pixabay and chart from TradingView.com
