- Whale “0x8f5” strategically acquired 1.082 trillion PEPE tokens, signaling a calculated move amid market consolidation.
- PEPE’s price struggled below key moving averages, with bearish momentum prevailing despite occasional bullish signals.
- Declining open interest and reduced trading activity reflect subdued market sentiment, with PEPE facing resistance near $0.000017.
A massive accumulation of $PEPE tokens was observed as the whale “0x8f5” withdrew 1.082 trillion PEPE from Binance. The withdrawals, valued at $18.53 million, occurred over 27 hours at an average price of $0.00001713. The whale subsequently distributed the tokens across three wallets, signaling strategic positioning during a period of heightened market activity.
Consolidation Phase and Bearish Momentum
The PEPE/USDT reveals a prolonged downtrend before entering a consolidation phase. During this phase, the price fluctuated between resistance at $0.000002300 and support near $0.000001900. Besides, significant trading volumes accompanied this consolidation, indicating active buyer-seller engagement.
However, the price remained below the 50-period Exponential Moving Average (EMA), underscoring bearish momentum. Despite attempts to breach the EMA, rejections near this level reinforced the dominance of the downtrend. Additionally, the declining volume as the price exited consolidation pointed to reduced trading activity.
The Moving Average Convergence Divergence (MACD) indicator offered insights into market momentum. During consolidation, the MACD line crossed above the signal line, indicating temporary bullish strength. However, the subsequent crossover below the signal line confirmed a shift back to bearish pressure.
Volatility and Broader Market Trends
PEPE’s broader price action displayed volatility marked by sharp surges and corrections. Notably, price spikes in late September and mid-November coincided with a rise in open interest. This alignment suggested increased market participation during those periods.
Following the November peak, the price declined and moved below the 200-day moving average. Consequently, the average served as a resistance level, limiting price recovery attempts. Furthermore, the recent downtrend reflected a bearish sentiment as the price traded near $0.000017.
Open interest dropped after its peak, signaling reduced market engagement. Currently, it hovers around $475.25 million, reflecting waning enthusiasm. Meanwhile, the MACD shows convergence, but histogram values remain near zero, highlighting weak momentum.
The post Whale Acquires 1.082 Trillion PEPE Tokens Amid Market Consolidation appeared first on Cryptonewsland.
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