The price of Pepe Coin recently went up by 1.3% to $0.00000785 during the London trade session. But the cryptocurrency hasn’t done as well as other top digital assets because the market is split, with bearish buyers and bullish long-term investors fighting each other.
The current stagnation is mostly caused by the different ways that big holders and retail traders are acting. Whales are buying up Pepe Coin, but regular buyers are still not sure about it. Coinglass data shows that open interest (OI) is going down because traders are closing short positions that made money.
Pepe Coin Whale Activity Surge
However, there isn’t a matching rise in long positions, which could mean that people are feeling bearish.But Santiment data shows a rise in whale behavior, with big deals involving accounts that hold more than $5 million in Pepe Coin. Along with a rise in active addresses, this rise in large transactions shows that more new users are becoming interested.
Pepe Coin is currently in a descending wedge shape, which is usually seen as a sign that prices will rise again. As long as the price stays above the current support level at $0.00000836, it could cause a 68% rise to $0.00001200, ending the double bottom reversal pattern. The price might reach $0.00001800 if it goes up even more.
Even so, the fact that the Stochastic RSI is overbought at 95.50 suggests that Pepe Coin may face short-term selling pressure before it moves significantly up. If it fails to break through the resistance at $0.00000836, the price could fall to $0.00000700 or even lower, to $0.00000477. This would mean that the bullish outlook is no longer true, and people would start to feel negative about the price.
