The cryptocurrency PEPE shows signs of market activity following a recent large purchase. Analyzing the current status and levels of support and resistance can provide insights into potential price movements.
Whale Purchase of PEPE
A recent purchase of PEPE worth $3M was recorded. According to LookOnChain, wallet 0xFbD6 acquired 267.35 billion PEPE through two transactions. Such large purchases can activate a market that has been stagnant.
Current Market Status
On the 4-hour chart, the current price of PEPE is around $0.00001123. The trading range has been narrow since early August. Support has formed near $0.0000105-$0.0000110. The first significant resistance is in the range of $0.0000123-$0.0000128, with a stronger level around $0.0000147. Trading volume remains low, which aligns with the market's current status.
September Outlook
Considering the observed activities, an optimistic scenario suggests upward price movement toward the level of $0.000014-$0.0000147, if bulls can hold the level of $0.0000125 with rising volume. If volume remains low, sideways trading between $0.0000105 and $0.0000125 is likely. Additionally, if the level of $0.0000100 is breached, the next update may occur at the level of $0.0000095.
The large purchase of PEPE may signal a potential trend change. Investors should pay attention to support and resistance levels, as well as trading volumes in September.
