PEPE Price Holds Despite $15M Sell-Off
PEPE Price Holds Despite Robinhood's $15M Sell-Off
The cryptocurrency market witnessed a significant event: Robinhood, a major US-based exchange, sold approximately $15 million worth of PEPE in a 24-hour period. This large sell-off typically puts downward pressure on an asset's price. However, PEPE defied expectations.
Despite the substantial sell-off, PEPE's price not only held steady but experienced an 8% rally in the same timeframe. This unexpected resilience raises questions about the overall market sentiment and the token's future.
Whale Offload Without Buyback
The lack of a corresponding buyback is noteworthy. Large entities often re-acquire assets after a significant sell-off, mitigating price impacts. The absence of this buyback suggests a potentially different strategy or a stronger market demand than anticipated. Robinhood, despite the sell-off, remains the second-largest holder of PEPE, controlling 3.67% of the supply ($209.9 million).
Source: Arkham
Bullish Outlook for PEPE
Technical analysis paints a bullish picture. On the 4-hour chart, PEPE is trading within a symmetrical triangle pattern, suggesting a potential price increase of 12.24% to $0.00001541. The daily chart shows a cup-and-handle pattern, another bullish indicator. Breaking the resistance at $0.00001483 could trigger a significant rally of up to 91%, reaching $0.00002836 – a level last seen in December 2024.
Source: TradingView
Source: TradingView
Building Market Momentum
Positive momentum is emerging in both spot and derivatives markets. Spot market buying interest is increasing, with $335,000 in PEPE purchased. The OI-weighted funding rate in the derivatives market is at 0.0127%, indicating bullish sentiment.
Source: Coinglass
Continued upward momentum could drive PEPE towards its short-term and long-term price targets. However, the ability to break through resistance levels remains key.
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