- PEPE price surged 25% within the last 24 hours, decoupling from the broader crypto market’s year-end volatility
- Whales were spotted trading $121M in PEPE on Monday, which may have sparked the rally
- Technical indicators suggest the bullish momentum could weaken as PEPE price approaches the $0.000025 resistance level
PEPE, a popular cryptocurrency, has recently experienced a significant price surge of 25% within the last 24 hours. This rise has set it apart from the volatile year-end trends of the broader crypto market. With an impressive volume of $121 million traded by whales during a last-minute frenzy, the question remains whether PEPE will continue to break resistance and maintain this bullish trend.
PEPE’s Standout Performance Amid Market Volatility
In the face of the global cryptocurrency market’s intense volatility during the final trading hours of 2024, PEPE has emerged as a standout performer. While major cryptocurrencies like Bitcoin and Ethereum struggle to reclaim their key levels, and memecoins like Dogecoin and Shiba Inu suffer significant losses, PEPE has seen a substantial increase in its price. Data from TradingView shows that PEPE’s price climbed 25%, marking it as the best-performing asset among the top 20 cryptocurrencies as the year closes.
The Impact of Whale Trading on PEPE’s Price Surge
The recent 25% surge in PEPE’s price has raised questions about the sustainability of this momentum. On-chain data trends reveal an unusual spike in whale trading activity on the PEPE network, potentially sparking this rally. The PEPE network recorded a weekly peak volume of $121 million in whale transactions, the highest level of large wallet activity on the PEPE blockchain in over a month. However, it remains to be seen whether this whale demand will persist or if the rally will turn into a bull-trap.
PEPE’s Price Forecast Amid Bullish Momentum
Despite PEPE’s recent impressive rally, technical indicators suggest potential challenges as it approaches the $0.000025 resistance level. The Moving Average Convergence Divergence (MACD) indicator on the daily timeframe shows limited bullish momentum, and the Relative Strength Index (RSI) indicates neutral conditions. If PEPE’s price rally successfully breaks above $0.000025, it could ignite a broader bullish trend, setting the next target at $0.000030. However, the weak MACD momentum and PEPE’s rally against broader market trends suggest this scenario is less likely in the near term.
Conclusion
While the recent price surge of PEPE, coupled with the significant trading volume from whales, paints an optimistic picture, the sustainability of this bullish trend remains uncertain. The technical indicators show potential resistance that might challenge further upward movement. However, if the rally successfully breaks the resistance, a broader bullish trend could be ignited, leading to higher price targets for PEPE in the future. Nevertheless, the possibility of a consolidation phase or a drop in price cannot be ruled out.
