The market for the meme token PEPE is presenting a conflicting picture for traders, as significant bearish on-chain activity clashes with a potentially bullish technical chart pattern.
On-Chain Data: Major Whale Exits
According to data from on-chain tracking service Lookonchain, a large PEPE whale has exited their full 2.2 trillion token position, recording an estimated $3.5 million loss. The wallet address 0x6ea4…FE0 deposited the final 600 billion PEPE tokens to Binance about 50 minutes ago, completing a month-long sequence of returns to the exchange.
Technical Analysis: Bullish Flag and Growth Potential
A classic continuation pattern on the daily chart suggests the potential for a 102% rally to $0.00002051 if confirmed.
RSI Signals and Their Implications
The RSI has dropped to 37.65, indicating weak momentum and approaching oversold territory.
The conflicting signals present in the market highlight the need for careful analysis. While the whale's actions may suggest negative sentiment, the technical indicators point to a potential for growth.
