Whales Accumulate PEPE Coin Amid Drop

Whales Accumulate PEPE Coin Amidst Price Decline

Pepe Coin's price has experienced a notable drop after news of the US government transferring 10,000 BTC from the Silk Road wallet. This news caused the Crypto Fear and Greed Index to fall from 30 to 29 in the last 24 hours, intensifying market anxiety. Despite the downturn, whales and investors are positioning themselves for a potential rebound.

PEPE Coin Price Analysis

Over the past day, PEPE's price has declined by 4.24%, trading at $0.000007964. This broke the symmetrical triangle pattern on the price chart, indicating a possible downtrend. The price has fallen beneath both the 50-day EMA at $0.00000829 and the 200-day EMA at $0.00000961, further reinforcing the bearish trend.

The recent break below the formation suggests a continuation of the downtrend, with support anticipated at $0.00000700. Recent movements have recorded a low of $0.00000600. The MACD indicator also signals a bearish trend, showing increased downward momentum, with the MACD line positioned below the signal line.

Whale Activity

Notably, whale activity around PEPE has surged in the past 48 hours. Data from IntoTheBlock reports a 192% increase in large address transactions between August 13-14, indicating growing bullish sentiment among prominent holders.

Conversely, Coinglass data shows a negative PEPE Spot net flow on August 14. The previous day saw roughly $5.95 million in PEPE reserves, with a $1.27 million positive net flow compared to the day before, indicating whales' interest in acquiring PEPE at lowered prices.

Insights from Whale Activity

Whale orders at specific price levels reflect strategic buying interest:

• Orders valued at $2.6 million at $0.00000579 and $0.00000670 levels
• These orders have been in exchange order books for approximately nine days
• This activity suggests a strong inclination to accumulate PEPE tokens at lower prices
• This could signal a potential price increase, influenced by whale accumulation strategies

These insights imply that despite immediate bearish momentum, underlying whale activity may create conditions for a PEPE price recovery.

Bullish Scenario

If PEPE bulls regain control of the market and initiate an uptrend, the price could surpass the symmetrical triangle, negating the current bearish pattern. The 200-day EMA could serve as the next significant resistance level.