Key Insights:
- A whale wallet with $147.3 Million in total assets withdrew 1.5 Trillion PEPE tokens from Binance.
- Bids stayed relatively stable and slightly dipped below $1.6M while offer depth started off heavier and sharply spiked to $3M.
A look into Pepe (PEPE) price prediction suggested a potential shift in market sentiment following major whale movement, positive funding rates and increased open interest.
PEPE Price Prediction
PEPE successfully exceeded its descending resistance line after its double bottom pattern at $0.0000060.
Price executed this bullish pattern with a double bottom base that allowed PEPE to recover the original support zone from $0.0000088–$0.0000097.
PEPE price maintained its position near $0.000008972. The price could begin an upward movement towards $0.0000135 if it exceeded $0.0000100.
PEPE might fall back to test $0.0000070 if the price area below $0.0000088 does not hold. This showed moderate speculation activity as Aggregated Open Interest registered 33.19 B.
While bullish sentiments ruled the market, Aggregated Funding held a mild positive value of 0.0093 that did not reach excessive levels.
The breakout received additional backing from the rising volume which reached 72.97 Billion.
Short selling proved dominant throughout Aggregated Liquidations as shorts sold $132.13 Million more than longs which sold $49.0 Million in the same period thus supporting short squeeze contributions to the breakout.
The breakout evidenced strong market confidence because of rising volume alongside small OI increases although speculators have not reached panic levels yet.
An additional boost in funding levels might suggest an overheating condition.
PEPE may maintain its upward direction if funding levels stay neutral and OI and volume numbers keep increasing.
The price needed to sustain above $0.0000100 for traders to validate a bullish trend while price dips below $0.0000088 would signal bearish reversal possibilities.
PEPE Whale Move
As seen in the Lookonchain screenshot, a whale wallet with $147.3 Million in total assets withdrew 1.5 Trillion PEPE tokens, or $13.3 million, from Binance.
A massive transfer involved 999,999,798,620 PEPE tokens equivalent to $8.86 million and was followed by another transfer of 499,999,798,620 PEPE with a value of $4.43 million.
Such wallet movement indicated substantial accumulation that lending itself to bullish signals since assets leaving the exchange suggested the holder intended to maintain PEPE for an extended period.
The enormous transaction volume could lead to PEPE market volatility because the upcoming whale actions remained unknown.
The 7.25% increase in investment value by the whale occurred within the time frame when PEPE experienced its recent breakout.
Market confidence about the rally’s momentum might become stronger if the whale chooses to remain invested.
In case redistribution took place on PEPE, it could lead to immediate short-term selling pressure.
PEPE Bids and Offers Volume
PEPE’s 24-hour liquidity profile on Binance indicated the likely start of distribution through continued market overpressures.
The sell-side volume (red) exceeded the buy-side volume (green) persisted within a $2.2M to $3M. These deep overlap between buying and selling offers highlighted continuous pressure exerted on prices.
Throughout the day the prices of buy-side bids remained within the $1.8M to $2.1M range yet saw a brief breakdown to $1.6M they restored above $2M.
The persistent situation where asks outnumbered bids indicated possible distribution dynamics or a position that preceded breakdown.
The buying interest support indicated that it could be strong enough to absorb the selling pressure. PEPE may see lower prices if offers were still high but new bidders don’t come in to push values up.
Market control and near-term upward pressure would be established if numerous buyers stepped into the market above $2.2 Million.