PEPE Coin Becomes Target of Whales, Here's the Price Analysis!
2024-09-09
Bittime - PEPE prices experienced a significant increase in August. This meme coin peaked at $0.000010 (Rp. 0.154), but then fell again and is now at the horizontal support level.
However, the good news is that PEPE has become a target for whales. It supports the price by purchasing a large number of tokens. Check out the PEPE price analysis here!
PEPE Whales in Action
Source: Santiment
Large PEPE holders, known as whales, have played an important role in stabilizing the price of the meme coin despite overall negative market sentiment.
Read also: PEPE Coin Price Prediction 2024-2030, Here's the Price Analysis!
They have added approximately 8 trillion PEPE tokens, worth approximately $56 million (based on the current price of $0.000007), to their wallet. This step was taken to prevent further price decline and maintain the main support level.
As we can see from the graph of supply held by whales, there was a significant jump from 128T to 136.28T today, September 6.
PEPE Price Analysis
The upward trend in PEPE prices continued in April when it traded at $0.0000046 (Rp 0.071), surging to $0.000017 (Rp 0.261) on May 27, an increase of 275%. After that, PEPE entered a downtrend, forming a descending channel and dropping to $0.0000077 (Rp 0.119) on July 5.
Read also: PEPE Memecoin Price Prediction
After retesting this level on July 8, PEPE moved sideways, with horizontal resistance below $0.000010 (Rp 0.154). On July 15, PEPE managed to break through this resistance and surpass its descending channel, reaching a peak of $0.000013 (Rp. 0.200) on July 19.
However, this was only the midpoint of its long-term correction, followed by a sharp decline. On August 5, PEPE jumped to $0.0000058 (Rp 0.090), but the daily candle closed at $0.0000072 (Rp 0.111).
This is a horizontal support level that is referred to as a key level, because it was retested on August 16, and the price is now interacting with it again.
If we assess the wave structure from August 5, we see a corrective rise in ABC. Given that PEPE has been trading higher than on August 5, there is still a small chance that PEPE could bounce from current levels and start a bullish move.
However, most likely, PEPE will continue to fall as it may continue the WXY pattern and face a stronger decline to $0.0000037 (Rp 0.057), which will have the same length as the W wave.
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