- Massive accumulation of PEPE was detected at its press time price zone via a hidden Bybit wallet
- These levels are key following a sweep of sell-side liquidity that resulted in an uptrend
According to blockchain analytics, large institutions have been increasing their purchases of PEPE around its current price levels. Bybit has utilized hidden wallets to purchase the tokens following one account holding significant amounts of the token recently.
The Bybit hidden wallet accumulation began a month ago when its owners deposited $1 million USDT to acquire more PEPE tokens. The persistent build-up indicated prospective future price expansion as institutional buyers appeared to project a large market movement with respect to history.
Source: Arkham
Further confidential wallets developed the trend where institutions were gradually building positions for a potential breakout in the near future. The persistent build-up pattern hinted at a probable positive impact on PEPE.
So, these levels will be indicative of its future market behavior.
What does PEPE’s price action mean?
PEPE showed the first indications of an upswing since it escaped from an ongoing declining trend line. New sell-side price levels reached $0.00000589, which created a possible lowest point.
PEPE recorded a boost of liquidity during this period since selling demand ran out and produced a 10-day uptrend that propelled PEPE to hit a value of $0.00000758 at press time. Support testing of the recent breakout served as critical proof for additional price hikes.
This bull defensive position by investors could position PEPE to move up to $0.00000850 and $0.00001000 as the bull market strengthens itself. The buy-side liquidity located at $0.00002834 seemed to serve as a long-term target because of sustained momentum.
Source: TradingView
Failure to maintain above both the trendline and the $0.00000700-level might lead to a price decline that could hit $0.00000670, before possibly doing a second test of the $0.00000589 liquidity zone. A violation of this support level will render the price reversal process wrong.
Also, the MACD line now exceeded the Signal line, thus signaling positive market trends. A positive ongoing expansion of the histogram suggested that upward continuation is likely to occur. Here, an uptrend signals a rising bullish force. A move to the red would imply exhaustion in the market.
The future for PEPE revealed potential to rise when buying volume increased. Support failure would cause a reversal towards lower liquidity zones. A confirmed price reversal will happen if the price maintains strength above the trendline, while simultaneously breaking higher resistance levels.
Why the profitability of holders can’t be overlooked
The profitability status of PEPE token investors holds significant importance. At press time, 81.85% were profitable, 19.60% were at break-even, and 69.49% were losing.
The market sentiment has been largely positive because most holders seemed to be ‘In The Money,’ which demonstrated strong support.
Source: IntoTheBlock
However, ‘Out of The Money’ holders constituted the least ownership and may have the potential to place sales orders if the price falls. In this way, this cohort might be targeting downward price changes.
