Will PEPE make a breakout rally as whales accumulate 22 trillion tokens in Q1 2025, aiming to test the $0.000010 mark?
Amid growing volatility in the crypto market, rising fear has triggered a significant downturn in meme coins, causing the sector’s valuation to fall to $46 billion. Leading meme coins like Dogecoin, Shiba Inu, and PEPE have experienced declines, retesting critical support levels.
Over the past seven days, PEPE, the frog-themed meme coin, has fallen by 15%. It is currently trading at $0.0000072, with the potential for a further correction to the $0.0000050 level.
PEPE Price Analysis
On the daily chart, the PEPE price action reveals a prevailing downtrend leading to a long-standing resistance trendline. The decline reflects a pullback of more than 70%.
Notably, PEPE briefly rebounded from lows at $0.0000053. However, it is currently reencountering bearish pressure. It struggles against the resistance trendline and has formed a short-term expanding channel.
With an intraday recovery of nearly 3%, PEPE appears poised to bounce off the local support trendline. Yet, due to the recent failure to break through the resistance trendline, the MACD and signal lines are on the verge of a negative crossover.
Moreover, the daily RSI has fallen back below the halfway mark, showing a lateral trend. This indicates underlying weakness in the market.
Whale Sells After Two Years of Holding
As PEPE struggles to break the bearish trendline, a major crypto whale has lost confidence in the asset. According to a recent tweet by OnchainLens, this whale sold 68.76 billion PEPE tokens for 271.33 ETH (worth $509.5k).
The whale had held the tokens for almost two years, making a profit of $427k. However, had the whale sold at the peak price, they could have made $1.79 million. The tokens were originally purchased for $82k on KuCoin.
A whale has sold 68.76B $PEPE for 271.33 $ETH ($509.5K) after holding it for 2 years and making a profit of $427k.
The whale accumulated these $PEPE for $82K from #Kucoin but could have made $1.79M if sold at the peak.
Address: 0x2391786fbe601dfa01278e1c70cd182006c26863 pic.twitter.com/jUl81emEev
— Onchain Lens (@OnchainLens) April 3, 2025
PEPE Whales Add 22 Trillion PEPE in Q1 2025
Despite the recent sell-off by a long-term holder, the balance held by PEPE whales has increased over the past quarter. According to data from IntoTheBlock, the balance held by PEPE whales surged from 337.75 trillion PEPE to 350.16 trillion PEPE in Q1 2025.
This increase includes holdings ranging from wallets holding 100 billion PEPE to 10 trillion PEPE. Notably, holdings between 100 billion and 1 trillion PEPE and between 1 trillion and 10 trillion PEPE have increased by 22 trillion PEPE over the last three months.
However, holdings in the 10 trillion to 100 trillion PEPE range have decreased by 7 trillion PEPE during the same period. Nonetheless, the overall trend among crypto whales indicates continued bullish sentiment.
Analyst Predicts 150% Rally for PEPE
As the accumulation of PEPE continues to grow, crypto analyst Jonathan Carter highlights the potential for a 150% rally in the token. He points to a falling channel pattern on the daily chart, suggesting a breakout rally is imminent.
Additionally, Carter notes the possibility of a breakout above the 50-day moving average, signaling a trend reversal. Based on price action analysis, he forecasts an accumulation at current levels, with a potential price target of $0.0000093. The longer-term price target could extend to $0.000021.
Token is testing the upper resistance of its falling wedge formation and the ma 50 on daily chart🧐
Accumulation at current levels shows building momentum before potential breakout📈
A successful break above resistance could trigger 150% rally with targets at… pic.twitter.com/DPBv8EEAY9
— Jonathan Carter (@JohncyCrypto) April 2, 2025
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
