A notable whale recently transferred 795.92 billion PEPE, valued at approximately $2.55 million, from Binance on March 1. This whale now holds 395.93 billion PEPE, worth around $4.18 million, after withdrawing the funds. The total profit from this maneuver stands at about $5.85 million, reflecting an impressive return on investment of 230%.
Examining the PEPE chart, we observe a recent decline that concluded just above the pivotal 50-day Exponential Moving Average (EMA). This level is crucial, as a breach below it could signal additional downward momentum, serving as a robust support line. Currently, the 50-day EMA hovers just above PEPE’s price of approximately $0.00001055.
The Relative Strength Index (RSI) has dropped to 54, indicating a slowing trend that hasn’t yet reached oversold levels. The significant sales by this whale and the price dip raise concerns of increased selling pressure on the market. If PEPE fails to maintain gains above the 50-day EMA, the next support levels to watch are around $0.00001046 and $0.00000846.
Given the profit-taking behavior of whales and the current technical indicators, traders should exercise caution. Large sell-offs by major stakeholders could lead to further price declines and heightened volatility. However, if PEPE manages to hold above the 50-day EMA, it may stabilize and attract buyer interest at these lower levels.
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