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While most altcoins are experiencing losses amid fluctuations in Bitcoin prices, there are some exceptions. We will continue to see these exceptions because this is fundamentally how the crypto logic works. Not all altcoins fall or rise as a whole; there are always exceptional assets. In the case of meme coins, PEPE Coin could be such an exception, and it is starting to show signals of this.
PEPE Coin Commentary
Like other meme altcoins, PEPE Coin was shaken after the general market downturn. Now, we should focus on on-chain and technical indicators to understand the next phase. Whale movements can provide significant signals at this point. The confidence or lack thereof from whales has substantial effects on smaller investors. Moreover, their massive holdings can trigger serious selling pressure when they display a negative stance.
So, what is the current situation for PEPE Coin? In the last five days, the supply held by whales outside of exchanges decreased by 2.5 trillion, valued at approximately 20 million dollars, indicating that whales are starting to lean towards selling. Normally, these sales should drive the prices further down.
However, the situation for PEPE Coin is a bit different. Historically, quick rallies are seen following whale sales. The larger the size of the sales, the higher the rally. The fact that whales have started selling suggests that this scenario might occur again.
PEPE Coin Predictions
If whales are not preparing for large sales, the current situation according to historical data is the first signal of a rise. The second signal is the potential reluctance of a significant portion of PEPE holders to sell. Over 79 trillion PEPE Coins, purchased for 623 million dollars, are on the verge of profit. When the price climbs between $0.0000070 and $0.0000099, investors will become profitable, indicating that selling pressure at current levels might remain weak.
Currently holding above the key support of $0.0000077, PEPE Coin could refocus on the 60% rally target of the descending wedge it was in before breaking out two weeks ago. After the breakout, a 30% increase to a target of $0.0000100 seems likely. However, if support is lost, a drop to $0.0000063 is expected, and closures below this level would invalidate the bullish scenario.
