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- The price of PEPE is up 25% in the last 24 hours, breaking away from the broader market gloom.
- Whale transactions on the PEPE network hit a weekly high of $121 million on Monday.
- Technical indicators suggest that the bullish momentum may weaken as PEPE price approaches the $0.000025 resistance level.
The price of PEPE is up 25% in the last 24 hours, bucking the year-end volatility of the broader crypto market. With whales spotted entering a last minute buying frenzy, can PEPE break the $0.000025 resistance?
PEPE price breaks away from the crypto market decline with a 25% rise.
PEPE proved to be an excellent performer as global cryptocurrency markets experienced intense volatility in the final trading hours of 2024.
Amid the downtrend, the price of Bitcoin remains below $95,000, struggling to regain key psychological levels, while Ethereum continues to fall around $3,300.
Similarly, memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have seen double-digit losses over the past week.
However, amid this gloomy backdrop, the price of PEPE rose significantly on Tuesday.
PEPE Price Action | Source: TradingView
According to TradingView data, PEPE price climbed from an intraday low of $0.000017 on Monday to $0.000021 during trading on Tuesday.
This 25% increase makes PEPE the best performing asset among the top 20 ranked cryptocurrencies on the last trading day of 2024.
With a 1500% annualized return over the time frame and a market cap of $8.3 billion, PEPE is on track to end 2024 as the third largest memecoin project behind DOGE and SHIB.
Whales were spotted trading at $121 million at the last minute
PEPE’s 25% rally on Tuesday has many wondering if this momentum is sustainable or just a temporary spike driven by short-term factors. On-chain data trends show an unusual increase in whale trading activity on the PEPE network, a move that may have fueled growth.
PEPE Whale Transactions | Source: IntoTheBlock
According to on-chain analytics platform IntoTheBlock, PEPE’s network recorded its highest weekly volume of $121 million in kit transactions on Monday.
This figure represents the highest level of major wallet activity on the PEPE blockchain in over a month.
The timing of these transactions suggests strategic accumulation by large investors capitalizing on market declines and poor liquidity to drive up prices.
While this surge in demand for whales on Monday coincided with a 25% increase in the price of PEPE over the past 24 hours, it remains to be seen whether the demand for whales will last or if the rally will turn into a bull trap.
PEPE Price Forecast: $0.000025 Resistance is high
While PEPE’s recent rally is impressive, technical indicators suggest that the bullish momentum may face challenges as the price approaches the $0.000025 resistance level.
Historically, the bears put up a big wall of selling in this price zone when the market crash started in mid-December.
The moving average divergence (MACD) indicator on the daily time frame is showing limited bullish momentum.
Although the MACD line has crossed above the signal line, the shallow peaks of the histogram suggest low trading volume and weak demand to sustain further upward movement.
This is in line with the broader market trend, where Bitcoin and Ethereum are struggling to hold key levels and other memecoins like DOGE and SHIB continue to fall.
Additionally, the Relative Strength Index (RSI) stands at 53.08, indicating neutral conditions.
While this level leaves room for further upside, the RSI has yet to break into overbought territory, suggesting that the upside lacks the strong momentum usually needed to break significant resistance levels.
PEPE Price Forecast | PEPEUSDT
If the price of PEPE successfully breaks above $0.000025, this could initiate a broader bullish trend, with the next target set at $0.000030.
Such a move would likely require renewed whale activity or a significant shift in sentiment across the market.
However, given the weak MACD momentum and rising PEPE relative to broader market trends, this scenario seems less likely in the near term.
Alternatively, a failure to break the $0.000025 resistance would likely result in a consolidation phase. A rejection at this level could lead to a PEPE retest of $0.00002006 and a potential further decline to $0.00001846, where the lower boundary of the Donchian channel could act as a safety net.
A break below $0.00001846 would invalidate the current bullish structure and open the door for a decline towards $0.00001441.
