PEPE Whales Accumulate $66M as Price Holds Key Support
PEPE whales attempt to hold the price by buying 66 million worth of PEPE. Will the succeed?
Key Takeaways
- PEPE rose 67% in August before a sharp reversal.
- Whales added 8 trillion tokens, stabilizing PEPE’s price.
- PEPE could bounce, but a further decline to $0.0000037 is likely.
The price of PEPE made a significant recovery in August, rising over 67% to a high of $0.000010 on the 25. However, a reversal took place despite the bullish action, pushing the price back to its horizontal support zone.
On-chain evidence suggests that PEPE whales have been supporting the purchase of significant tokens, but will this be enough to combat the seller’s pressure?
PEPE Whales on the Move
Large PEPE holders, known as whales, are crucial in stabilizing the meme coin’s price despite growing negative market sentiment. They’ve added approximately 8 trillion PEPE tokens, worth around $66 million (per the current price of $0.000008), to their wallets, preventing further price drops and maintaining a key support level.
As we can see from the supply held by whales chart, a significant spike occurred from 128T to 136.28T today, Sep. 6.
PEPE Price Analysis
PEPE’s uptrend continued in April when it traded at $0.0000046, surging to $0.000017 by May 27, a 275% increase. Following this, it entered a downtrend, forming a descending channel and dropping to $0.0000077 by July 5.
After retesting this level on July 8, PEPE moved sideways, with horizontal resistance below $0.000010. On July 15, it broke above this resistance and surpassed its descending channel, reaching a high of $0.000013 on July 19.
However, this was only the midpoint of its long-lasting correction, followed by a sharp downturn. On Aug. 5, PEPE spiked to $0.0000058, but the daily candle closed at $0.0000072. This is the horizontal support level referred to as the key one, as it was retested on Aug. 16, and the price is now yet again making an interaction with it.
Judging by the wave structure from Aug. 5, we saw a corrective ABC rise. Considering that it traded higher than on Aug. 5, there is still a small chance that PEPE could bounce from its current level and start a bullish move.
More likely, it is headed further down as it could continue its WXY pattern and face a stronger downfall to $0.0000037, which would be the same length as the W wave.
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