u.today
Within the last hour, a whale sent 400 billion $PEPE (about $4.22 million) to Binance in order to profit. This whale now possesses 395.93 billion $PEPE, which is valued at $4.18 million after previously withdrawing 795.92 billion $PEPE, or $2.55 million, from Binance on March 1.
With a remarkable ROI of 230%, the whales' total $PEPE profit is $5.85 million. Looking at the $PEPE chart, we can see that the asset had a recent decline that ended just above the pivotal 50 EMA (Exponential Moving Average).
A breach below it could indicate additional bearish momentum, making this level crucial as it frequently serves as a solid support level. According to the chart, the 50 EMA is situated just above $PEPE's current price, which is approximately $0.00001055.
The relative strength index is down to 54, suggesting a slowing trend but not yet reaching oversold levels. The significant sell-off by the whale and this decline raise concerns because they could result in more selling pressure on the market. The next support levels to watch are around $0.00001046 and $0.00000846 - if $PEPE is unable to maintain its gain above the 50 EMA.
These levels could once again serve as a solid foundation for $PEPE to stabilize and possibly rise. They have previously served as strong support. Given the whales' profit-taking behavior and the state of the technical indicators, traders should exercise caution.
Significant holders' large sell-offs may cause further price declines and increased volatility. Nonetheless, $PEPE may find some stability and draw interest from buyers at these lower levels if it can keep its position above the 50 EMA.