Pepe Coin, a popular meme-based cryptocurrency, has bounced back strongly, breaking through key resistance levels. As Bitcoin gears up for its “Uptober” rally, meme coins like Pepe are gaining traction. This has sparked growing interest from big investors (whales). Analysts now expect Pepe’s price to rise by 50% this month, as smart investors continue to buy while prices are still low.
Pepe’s Whale Interest Rises
Over the last 24 hours, Pepe price has been surging strongly as bears lost confidence around $0.00001. Data from Coinglass states that Pepe price witnessed a total liquidation of $4.2 million, out of which sellers liquidated around $2.6 million worth of bearish positions.
Also read: Whale Swaps Billions of PEPE for NEIRO, What’s Next?
Data from IntoTheBlock reveals that large transactions involving PEPE have been on the rise, showing that whales (big investors) are still active in the market. These transactions, which involve amounts over $100,000, have now totaled about $85 million. When big investors start moving large amounts of money like this, it’s often a positive sign, as it suggests they are positioning themselves for future gains.
The large transaction count jumped from the low of 69 txs to a recent high of 346 txs. This shows the rising trend in whale investment over the last few weeks for Pepe.
This whale activity shows that even after recent market corrections, major investors remain confident in a potential price recovery. Their bullishness could help build market confidence and spark a rally in the Pepe price chart. However, for this to happen, these large investors need to keep buying consistently to push the Pepe market upward.
However, a slight dip in PEPE’s Mean Coin Age suggests that long-term holders are moving their tokens, possibly getting ready to sell. If long-term holders lose faith and start selling, it could hurt PEPE’s chances for a price rally in October.
What’s Next for Pepe Price?
Pepe price bounced off its 50-day simple moving average ($0.00001), signalling that the bulls are aiming to establish a higher low. As of writing, Pepe price trades at $0.0000104, surging over 4.1% in the last 24 hours.
If buyers can keep the price above the 20-day exponential moving average ($0.00000992), momentum could build, pushing the PEPE/USDT pair up to $0.000012. This level might attract sellers, but if buyers push through, the rally could extend to $0.000015.
For the bears to stop this upward movement, they would need to quickly pull the price below the 50-day SMA. If they succeed, the pair could fall to $0.000009, and eventually to key support at $0.000006.
On the 4-hour chart, bulls defended the 20-EMA, and the relative strength index (RSI) has turned positive, showing momentum is in their favor. If the price closes above the 50-SMA, there’s a good chance of a rally toward $0.000012-$0.000017.
