PEPE’s Bullish Trend Continues as Whales Increase Holdings

• PEPE token value rises; major investors buy 460.2 billion tokens.
• Investors sell $1.12 million in SHIB to purchase 100 billion PEPE.
• PEPE price could potentially increase, with resistance at $0.0000093.

Following the Pepe token’s value increase to $0.00000826, Spot On Chain disclosed that major investors had been purchasing additional amounts of the token. Spot On Chain’s update on platform X indicated that a particular investor converted 3.67 million USDC and 300 WTAO (WrappedTAO) to acquire 460.2 billion PEPE.

Another investor participating in the accumulation also sold off Shiba Inu assets worth $1.12 million to purchase 100 billion PEPE.

Anticipating Further Gains?

This instance wasn’t the first time these investors had acquired the meme cryptocurrency. The initial investor previously earned $2.52 million from the asset, while the second investor’s profits are estimated at $4.27 million.

However, judging by the actions of these large-scale investors, they appear unlikely to offload their holdings shortly. This raises the question of whether PEPE might experience additional price increases shortly.

On March 14, PEPE’s value reached $0.000010, a record peak for the cryptocurrency. Yet, by the following day, traders began realizing their gains, leading to a price correction to $0.0000062 by March 19.

The Bullish Trend for PEPE Might Persist

Analysis of the 4-hour chart indicates that the bulls took advantage of the sell-off to establish a support level at that price range. The subsequent strong buying activity allowed PEPE’s price to surpass $0.0000075.

Even with the price surge, the Relative Strength Index (RSI) indicated that there was still buying activity, and PEPE had not yet reached the overbought territory. Under these conditions, the cryptocurrency’s price could potentially ascend beyond $0.0000082.

Should market conditions be extremely favorable, PEPE’s price could rise to $0.0000093. Nonetheless, this level might also act as a resistance point for the digital currency. A breakthrough above this resistance might enable PEPE to aim for a return to $0.000010.

Conversely, if the price cannot overcome this obstacle, PEPE could be retracted to $0.0000070. Yet, the Auto Fibonacci extension suggests that a downward trend may not be imminent.

At the time of reporting, the 0.786 Fibonacci level was positioned at $0.0000097, indicating that this area could serve as a favorable entry point for traders intending to purchase and hold the asset for a period.

The Fibonacci level of 3.618 was positively positioned at $0.000023, suggesting that the PEPE price could reach this level. Should the PEPE inflow persist and match the scale of the previously mentioned accumulation, the token’s value could experience an upswing in the following week.