PEPE rose remarkably in the past week with gains of about 20%. The daily chart’s $0.0000011079 support level has acted as a price pivot point for the gains of the past few days, indicating an attempt to enter the buy zone.
PEPE’s previous attempts to break above the $0.0000015440 resistance zone between July 19 and July 24 were unsuccessful. However, the bulls are in control, prompting PEPE to attempt another break above the $0.0000015440 resistance.
The rally over the last 7 days signals a momentum shift for PEPE to a more positive outlook as the bulls try to take control again.
PEPE Bulls are forcing another rally, but Bears are still active
Price volatility is evident when comparing price data for PEPE on the daily, weekly and monthly time frames. It is trading at $0.000001348 on August 15 with a price drop of 6.03% in 24 hours while down 17% on the monthly time frame.
However, PEPE shows a more positive outlook for the weekly timeframe, though traders should exercise caution as a price drop remains possible due to volatility.
The value of the Relative Strength Index (RSI) is 55.71 in the neutral zone, reflecting the indecisiveness of the traders in the market. Also, the Moving Average Convergence Divergence (MACD) is rising above the signal line, confirming the return of the bulls.
However, the size of the candles indicates low trading activity despite the gains, making the price action quite tricky. The close of the August 15th candle will confirm the next price direction.
PEPE shows resilience above $0.00000120 as Whale comes on board
There has been a resurgence in PEPE’s performance in recent days. This trend is due to significant investments by leading investors and an increase in social involvement. According to Look at chain factsthere has been a significant increase in whale attention to the PEPE token.
The data shows that a whale spent $1 million to acquire 807 billion PEPE tokens for $0.000001239. This involvement of whales is likely to have a positive effect on the price of PEPE.
Another example of this kind of Whale involvement occurred on August 7. A holder of PEPE tokens sold a significant amount 2.26 trillion tokens at the price of $0.000001121 per token.
Unfortunately, this action resulted in a significant drop of $707,000 in the token’s total market cap. Such contrasting maneuvers that take place in a short period of time can have potential consequences for individual investors over a longer period of time.
Meanwhile, the asset is experiencing a remarkable resurgence and attracting the attention of investors. The steady upward trajectory has pushed it from $0.000001185 to about $0.000001356, with a trading volume of more than $100 million.
Featured image from Pixabay and chart from TradingView.com