PEPE Whales' $42 Million Boost: Can It Prevent a 10% Price Dip?

In Brief:

PEPE whales have accumulated over 6 trillion PEPE, valued at $42 million, to stabilize the meme coin's price, preventing a potential 10.6% decline.

Despite bearish sentiment from long-term holders, whale activity has been crucial in maintaining PEPE's price above its critical support level of $0.00000702.

‍

PEPE Whales' $42 Million Boost: Can It Prevent a 10% Price Dip?

‍

PEPE whales have emerged as a key force in stabilizing the meme coin's price, which has been under pressure since a significant crash at the end of July. Despite attempts to regain momentum, PEPE remains close to testing a critical support floor.

‍

Whale Activity Counters Bearish Sentiment

‍

The overall market sentiment surrounding PEPE has turned bearish, with long-term holders showing decreased confidence. The "age consumed" metric, indicating long-term holders' activity, has spiked, suggesting concerns about PEPE's future.

‍

However, whale activity has played a crucial role in keeping PEPE's price afloat. Recently, top addresses added over 6 trillion PEPE, valued at $42 million, employing a "buy low" strategy to stabilize the price. This intervention has prevented PEPE from a sharper decline, although risks remain if whale buying decreases or market conditions worsen.

‍

PEPE's Short-Term Price Outlook

‍

Currently, PEPE is trading just above its critical support floor of $0.00000702. This level has acted as strong support multiple times, and there is an expectation that PEPE will hold above it for now. Without whale intervention, PEPE could have faced a further 10.6% decline to $0.00000633.

‍

If the current buying persists, PEPE could move towards its next resistance at $0.00000912. However, increased selling pressure could shift this outlook, potentially leading to a decline to its support level at $0.00000633.

‍