CandleFocus PEPE’s 30% Rally at Risk as Whales Return but Conviction Wavers
2024-10-07
Author: Content Editor
The price of PEPE has experienced a 24% correction and failed to breach a key resistance level at $0.00001146. However, increased activity from large wallet holders, indicating their confidence in a potential price recovery, could be the catalyst needed for a turnaround. The total volume of transactions over $100,000 has reached approximately $85 million, showing that whales are active in the market. Sustained buying pressure from these large investors is necessary to boost market momentum and restore broader market confidence. A slight dip in PEPE's Mean Coin Age raises concerns about long-term holders potentially preparing to sell, which could hinder a rally. Currently trading at $0.00001040, breaching the resistance at $0.00001146 could result in a 33% rally, reversing recent losses and reigniting investor optimism. However, failing to breach this level would likely lead to consolidation between $0.00001146 and $0.00000839, limiting upside potential.
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