- Whale sells 114 billion PEPE, influencing market sentiment and price dynamics.
- PEPE hits 26-day low; RSI nearing oversold condition.
As the cryptocurrency market continues to experience turbulence, recent activity surrounding Pepe Coin (PEPE) has captured significant attention. Despite a downturn in its price, a substantial whale transaction suggests potential bullish momentum.
On-chain data tracking platform Lookonchain reported that a significant PEPE trader capitulated, selling all 114.7 billion PEPE for 366.5 ETH (approximately $1.27 million) at a breakeven price. The trader had initially purchased the 114.7 billion PEPE for $1.27 million at $0.000011 on May 14 and May 15.
This particular sell-off may have contributed to the recent price decline, shaking investor confidence. However, such a substantial transaction can also indicate a potential market bottom, as capitulation by a major holder might precede a price rebound.
The price surged to $0.000017 on May 27, at which point the trader’s profit was $670,000, a 50% increase. However, the trader did not sell at this profit peak. Subsequently, its’ price began to decline, eventually falling below the breakeven point, prompting the trader to sell all his holdings.
Yesterday, it hit a 26-day low of $0.00001057. Currently, it is down 0.57%, trading at $0.00001199. Over the past week, it has declined by 6.59%. Notably, it reached its all-time high 19 days ago, which is 30% higher than its current price.
Whats Ahead For PEPE?
Currently, the memecoin is trading at $0.00001198 with a 0.58% decline and the trading volume is up 21.29%. The three major resistance levels for it stand at $0.00001530, $0.00001722, and $0.00002072, while the support level is at $0.00001192.
The daily Relative Strength Index (RSI) is at 46, indicating that the coin is nearing oversold conditions. As PEPE continues to navigate through this volatile period, market watchers are keenly observing any signs of a potential rebound.
