- Whale withdrawals and buys indicate growing interest in PEPE, despite the market’s bearish momentum and price declines.
- Despite large whale purchases, PEPE faces selling pressure as the A/D line trends downward, signaling dominance of distribution.
- Recent PEPE price fluctuations correlate with Netflow activity, showing mixed market sentiment and limited price volatility.
Whale activity has surged around the PEPE token, raising speculation among traders. Recently, two whale transactions occurred that have caught the attention of the market. Whale “0x8f5” withdrew 280 billion PEPE, valued at $5 million, from Binance just four hours ago. Additionally, this whale had accumulated 47.4 million JASMY ($1.54M) a day prior. This sudden withdrawal of a large PEPE position signals increased interest from larger holders.
Whale Buying Patterns and Market Trends
In another notable transaction, whale “0xb1a” spent 3.72 million USDC to purchase 200.4 billion PEPE approximately 30 minutes ago. However, this whale has previously faced a $1.45 million loss from PEPE, which raises concerns about its current strategy. Despite these large purchases, the market trends for PEPE reflect a bearish sentiment, signaling potential further declines.
The 4-hour price movements for PEPE/USDT on Binance, incorporating Bollinger Bands and Accumulation/Distribution (A/D) indicators, reveal concerning patterns. The price fluctuated within the upper and lower Bollinger Bands, encountering resistance near the upper band and support at the lower band.
With a sharp decline from 0.00002600 to below 0.00001900, the price demonstrated strong bearish momentum. A lack of upward momentum in the market is indicated by the market’s persistent inability to break above the upper Bollinger Band.
Price Declines and Market Sentiment
The A/D line, which measures market accumulation and distribution, has also been trending downward. This indicates that distribution pressure outweighs the accumulation, suggesting that selling is dominating the market. Notably, the A/D level near 643.7 trillion shows declining market interest, further reinforcing the idea of rising selling pressure.
PEPE’s netflow and price movements over the last few months reveal distinct phases of activity. Between March and May, the token saw fluctuations in both net flows and price, but there was no sustained upward movement. From June to October, the market remained relatively stable with alternating inflows and outflows.
However, November marked a sharp increase in netflows, driving up the price. By December, a negative netflow sent the price tumbling, reversing earlier gains. Since then, netflows have stabilized, and PEPE’s price has experienced minimal volatility, hovering in a narrow range.
The post Whale Withdrawals and Market Trends Show Bearish Momentum for PEPE appeared first on Cryptonewsland.
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