Pepe Coin (PEPE) Price: Token Faces Critical Support Test After 105% Monthly Rally

TLDR

• Pepe (PEPE) experienced a 6.5% surge over the past week despite overall bearish sentiment
• A major whale withdrew 150 billion PEPE tokens ($2.94M) from Binance to private wallets
• The token is trading at $0.00001963, up 105.02% monthly but 23.24% below recent ATH
• Technical indicators show increasing bearish pressure with negative CMF and rising ADX
• CoinCodex predicts potential rise to $0.00006594 by end of December 2024

Recent market activity around the Pepe token (PEPE) presents a complex picture of whale movements and price action. The memecoin is currently trading at $0.00001963, marking a 6.5% increase over the past 24 hours and an impressive 105.02% gain on monthly charts.

A notable development emerged when blockchain analytics platform Lookonchain reported a whale withdrawal of 150 billion Pepe tokens from Binance. This withdrawal, valued at $2.94 million at current rates, suggests possible long-term holding strategies among larger investors.

The token’s recent price history shows a decline from its all-time high of $0.000025 to a low of $0.0000173. This represents a 23.24% drop from peak values recorded two weeks ago, forming what traders identify as a bearish pennant pattern.

Market indicators present mixed signals for the token’s short-term prospects. The Chaikin Money Flow (CMF) has moved into negative territory over the past week, traditionally interpreted as a sign of selling pressure overtaking buying momentum.

Adding to the technical analysis, the Average Directional Index (ADX) has climbed to 38, while the Positive Directional Indicator (+DI) has fallen to 23. These metrics typically suggest strengthening downward momentum and weakening upward trends.

PEPE Price on CoinGecko

Derivatives markets data from Coinglass reveals a dominance of short positions, indicating that traders are positioning themselves for potential price declines. This sentiment aligns with the technical indicators suggesting bearish pressure.

The Network Value to Transactions (NVT) Ratio has seen a dramatic increase from 9.6 to 61.93, reaching levels that some analysts interpret as a sign of potential overvaluation. This metric compares the network’s market cap to its daily transaction volume.

Trading volume patterns show mixed activity across major exchanges. While some platforms report increased trading volume, others show declining participation, creating an unclear picture of market direction.

Support levels have formed around $0.00001720, which traders are watching as a potential floor price should selling pressure continue. Resistance remains near the $0.00002 level, presenting a key threshold for any potential recovery.

Robinhood’s recent listing of the token provided a temporary boost to market sentiment, though the impact has somewhat diminished as broader market factors take precedence.

On-chain metrics reveal decreasing network activity despite price increases, suggesting a potential disconnect between market valuation and actual usage of the token.

The whale withdrawal from Binance represents a common pattern in crypto markets where large holders move assets to private wallets during periods of price uncertainty. This behavior often indicates a preference for longer-term holding strategies over immediate trading.

Looking at monthly performance, the token has maintained relative strength compared to other memecoins, particularly during Bitcoin’s recent stability around the $96,000 level.

Price volatility metrics show the token experienced 13 green days out of the past 30, with a 34.01% price volatility rate during this period.

Current market data indicates a Fear & Greed Index reading of 77, suggesting high levels of market optimism despite technical warnings.

The post Pepe Coin (PEPE) Price: Token Faces Critical Support Test After 105% Monthly Rally appeared first on Blockonomi.