- PEPE’s price could soar by 38% if it closes a daily candle above the $0.0000155 level.
- Despite the bullish price action, the RSI was flashing a potential price correction.
Over the past few days, the popular crypto memecoin Pepe [PEPE] has garnered significant attention from traders and investors due to its impressive performance.
According to the data, the memecoin has surged over 80% in the past five days, breaching multiple resistance levels and now reached a level that has a history of selling pressure.
Whale interest in PEPE soars
Despite concerns about potential downside momentum, whale activity in the memecoin has surged, according to IntoTheBlock.
Data shows that transactions between $1 million and $10 million spiked 750%.
Meanwhile, transactions ranging from $100,000 to $1 million increased by 177.94%, and those between $10,000 and $100,000 rose by 173.93%.
Source: IntoTheBlock
This surge in whale participation indicates rising interest and confidence in PEPE’s upside potential, as they may be betting on the memecoin to continue its upward momentum.
Trader big bet on PEPE
Besides this optimistic outlook from industry giants, traders have also started betting on PEPE.
Recently, blockchain transaction tracker Lookonchain shared on X (formerly Twitter) that a crypto whale initially went long on TRUMP before quickly closing the position and opening a new 10x long on PEPE. The whale now holds an unrealized profit of $81K.
This shift reflects growing bullish sentiment around PEPE, with traders and investors confident in its continued upward momentum.
At press time, PEPE was trading near $0.000015, having surged over 17% in the past 24 hours.
Meanwhile, this strong bullish outlook has fueled retail investor participation, pushing trading volume up by 40%.
PEPE’s price action and technical analysis
According to AMBCrypto’s technical analysis, PEPE appears bullish and is attempting to breach the key resistance level at the $0.000015 mark.
The daily chart reveals that the last time the memecoin reached this level, it faced selling pressure followed by downward momentum.
Source: TradingView
However, this time, sentiment appears notably stronger, with whale interest surging.
Based on recent price action and historical trends, if the memecoin breaks past resistance and closes a daily candle above $0.0000155, it could gain another 38%, potentially reaching the next resistance at $0.00002140.
At the time of writing, PEPE’s Relative Strength Index (RSI) was at 85.40, signaling an extremely overbought zone and hinting at a possible price correction in the coming days.