Key Insights:
- Strategy’s 592,000 BTC reserve now held $21.3 billion in unrealized profit.
- The firm’s Bitcoin investment gained 50.99% since entry in 2020.
- At $106,824, Bitcoin pushed Strategy’s holdings value to $63.3 billion.
The Pepe Coin price remains in a deep bear market, having crashed by 40% from its May high and by 65% from its November 2024 high. Still, technicals suggest that the second-biggest meme coin on Ethereum could be on the cusp of a bullish breakout as whale selling fades and exchange outflows jump.
Pepe Coin Price Could Rise as Whale Dumping Stalls
This year’s Pepe price crash coincided with the ongoing crypto market retreat that has pushed most coins lower this year. Indeed, data shows that altcoins, excluding Bitcoin, Ethereum, and stablecoins have shed over $300 billion in value this year.
Pepe Coin plunge also coincided with whale selling. Santiment data reveals that the supply of Pepe held by whales has been in a strong downtrend this year, moving from 165 trillion at the peak in January to 132.27 trillion today.
Whale selling is one of the most bearish signs in crypto analysis because these investors are more experienced than retail ones. They also have more “skin in the game” and their actions has a direct impact on the price.
Recently, however, there are signs that the whale dumping has stalled. The supply has remained at 132.7 trillion since June 9, meaning that they are no longer exiting their positions. This is in contrast to what happened in May when the supply moved from 148 trillion to 137 trillion.
The other bullish catalyst for the Pepe Meme Coin price is that investors continue to move tokens from exchanges. The exchange balance has dropped to 247 trillion, down from last month’s high of 254 trillion tokens
Futures traders expect Pepe to bounce back in the coming weeks as the weighted funding rate has remained positive in the past few days. A positive funding rate is a sign that these investors anticipate the future price will be higher than the present one.
Pepe Coin Price Technical Analysis Signals a Rebound is Coming
Technicals suggest that the Pepe Coin price is on the verge of a strong bulish breakout. It is above the ascending trendline that connects the lowest swings in March, April, and June.
The token has also formed a falling wedge pattern. This is a popular bullish reversal pattern comprising of two descending and converging trendlines, with the breakout happening when the confluence occurs.
Therefore, the Pepe price will likely have a strong bullish breakout and possibly retest the important resistance level at $0.00001625, the highest swing in May and 74% above the current level.
A drop below the ascending trendline will invalidate the bullish view and point to more downside, potentially to $0.0000057, its lowest point in March this year.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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