Whales Buy PEPE Coin Despite Price Drop

Whales Acquire PEPE Coin Amidst Market Decline

Despite the recent decline in the price of PEPE Coin, large investors, known as whales, are reportedly accumulating the asset.

PEPE Price Analysis

PEPE has experienced a 4.24% drop in the past 24 hours, reaching a trading price of $0.000007964. This marks a breach of the symmetrical triangle formation observed on its price chart.

Technical indicators suggest a downtrend, with the Moving Average Convergence Divergence (MACD) indicator showing increased downward momentum. The price is also below both the 50-day and 200-day Moving Averages (EMAs), further supporting the bearish sentiment.

Whales Accumulate PEPE

Data from IntoTheBlock reveals a 192% surge in large address transactions for PEPE over the past 48 hours. This indicates increased whale activity.

Coinglass reports a negative PEPE Spot net flow on August 14, but with a positive net flow of $1.27 million compared to the previous day. This suggests that whales are acquiring PEPE at lower prices.

Moreover, whale orders worth $2.6 million are currently present in exchange order books at prices ranging from $0.00000579 to $0.00000670. These orders have been standing for approximately 9 days, indicating whales' intention to accumulate PEPE tokens at lower prices.

Potential Price Recovery

If PEPE bulls gain control of the market and initiate an uptrend, the price could potentially move above the symmetrical triangle, invalidating the current bearish trend. The next major resistance level for PEPE would then be the 200-day EMA.

The accumulation of PEPE by whales suggests a potential price rise in the future, despite the current market downturn.