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Pepe Coin price dropped yesterday after news emerged that the US government moved 10,000 BTC from the Silk Road wallet. The Crypto Fear and Greed Index fell from 30 to 29 in the last 24 hours, indicating deepening market fear. Despite the drop in PEPE price, whales and investors‘ approaches suggest a potential recovery soon.
PEPE Coin Price Analysis
PEPE price saw a 4.24% drop in the last 24 hours, trading at $0.000007964, breaking the symmetrical triangle formation on the price chart.
Examining the chart, the symmetrical triangle formed by high and low levels indicates that PEPE price is currently in a downtrend. The price is below the 50-day Moving Average (EMA) at $0.00000829 and also below the 200-day EMA at $0.00000961, strengthening the downtrend.
After breaking the formation downward recently, potential continuation of the downtrend is expected. Pepe Coin price might find support at $0.00000700. Recent price movements show a low of $0.00000600.
The Moving Average Convergence Divergence (MACD) indicator reflects a downtrend, with increasing downward momentum. The MACD line below the signal line supports this strong downtrend sentiment.
If PEPE bulls can potentially take control of the market and start an uptrend, the price could move above the symmetrical triangle, invalidating the current bearish structure. PEPE price might target the next major resistance at the 200-day EMA.
Whales Are Buying PEPE
PEPE whale activity has visibly increased in the last 48 hours, with IntoTheBlock reporting a 192% increase in large address transactions between August 13-14, reinforcing bullish sentiment.
On the other hand, data from Coinglass showed a negative PEPE Spot net flow on August 14. Yesterday, there was approximately $5.95 million worth of PEPE reserves, indicating a $1.27 million positive net flow compared to the previous day. This suggests that whales are eager to accumulate PEPE at lower prices.
Additionally, there were whale orders worth $2.6 million at $0.00000579 and $0.00000670 levels reflected in the exchange order books. These orders, waiting for about 9 days, indicate whales’ desire to accumulate PEPE tokens at lower prices, suggesting a potential price rise for PEPE.
