Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus

Contrary to the recent market movement, the Pepe coin price witnessed a notable outflow this week. The supply pressure from its previous all-time high resistance of $0.0000108 tumbled the asset by 18.8% to trade at $0.00000943. With Bitcoin hovering around $67000, the PEPE price wavers at a pivotal juncture, poised to either resume its prevailing rally or enter a new correction.

Whale Activity Contributes to PEPE Price Drop

Pepe Coin Price| Tradingview

The Pepe coin price has witnessed a steady recovery since last month, bolstered by an ascending trendline on daily charts. This dynamic support uplifted the asset value from $0.00000393 to a new all-time high of $0.0000161, registering a remarkable 195% growth. However, the overhead resistance at $0.0000108 prevented a daily candle closing and sent the PEPE price tumbling back to $0.00000925.

According to on-chain data tracker Spot On Chain, a recent transaction by a PEPE whale has significantly impacted the token's price. Thirteen hours ago, a multisignature wallet identified as 0x1a2 deposited 457.9 billion PEPE tokens, worth approximately $4.54 million, to Binance. This move, interpreted as a stop-loss measure, contributed to a 6% price drop in PEPE.