Recent activity from a large cryptocurrency whale has spurred interest in the PEPE token as it moved a significant number of tokens, potentially indicating price volatility.
Whale Activity History
A dormant crypto whale has resurfaced after two years, moving 1.79 trillion PEPE tokens worth about $22.23 million into a newly created wallet. This sudden activity coincides with notable technical setups on the PEPE/USDT pair. As of May 17, PEPE traded at $0.00001350, showing a 3.69% gain. This marks a crucial inflection point as the price tests significant resistance and support levels.
Key Technical Levels
Support zones are clearly defined, with immediate levels at $0.00001271 and $0.00001260. Deeper support lies at $0.00001139. These areas have held firm during prior dips, providing strong price floors. On the upside, $0.00001511 acts as a resistance level. PEPE attempted multiple breakouts between May 12–14 but failed to sustain momentum above this line.
Volume Dynamics and Indicators
Volume surged during the May 9 rally but gradually declined during consolidation, aligning with typical triangle patterns. Recently, the candles turned green again, suggesting bullish momentum. The moving average, marked in pink, crossed above the lower trendline on May 15, potentially confirming the strengthening support below. A shaded blue rectangle highlights May 17–18 as a period to watch closely.
The whale's activity and current technical conditions create interesting opportunities for observing the PEPE token. If the price holds above key support levels and breaches resistance, new highs could follow.
