Pepe (PEPE) has experienced a recent pullback, trading at $0.00001881 at the time of writing. The token's price has declined by -10.40% in the last 24 hours, with a trading volume of $1.74 billion.
Whale Activity and Market Pressure
Spot On Chain data reveals that a significant whale recently deposited 217 billion PEPE ($4.54 million) onto the Kraken exchange, generating a profit of $767K within 17 days. While this adds liquidity to the market, it also contributes to increased volatility.
Technical Analysis Indicates Consolidation
Technical indicators suggest a period of consolidation for PEPE. The Relative Strength Index (RSI) is currently below the neutral level of 50, indicating potential for further bearish pressure. The ADX (14) is at 13.85, signifying weak trend strength with neither bulls nor bears in control.
Key Levels and Market Sentiment
Key support levels for PEPE are $0.00001800 and $0.00001500, while resistance is observed at $0.00002000 and $0.00002250.Coinglass market data shows a rise in trading volume but a decline in open interest (OI), suggesting reduced speculative activity.
Conclusion
Pepe's price is currently in a consolidation phase, influenced by broader market conditions and whale activity. Traders are closely monitoring key support and resistance levels as they await further direction in the market.
January 2025, Cryptoniteuae