A major PEPE whale has taken significant profits, cashing out $5.85 million, raising concerns about the potential impact on the market.
Points
- Whale cashed out $5.85 million worth of PEPE.
- Significant profit-taking can lead to increased market volatility.
- Current PEPE price hovers around crucial support levels.
- Technical indicators suggest potential further declines.
Within the last hour, a whale sent 400 billion PEPE （about $4.22 million） to Binance to profit. This whale now possesses 395.93 billion PEPE, valued at $4.18 million, after previously withdrawing 795.92 billion PEPE, or $2.55 million, from Binance on March 1.
With a remarkable ROI of 230%, the whale’s total PEPE profit is $5.85 million. Looking at the PEPE chart, the asset had a recent decline that ended just above the pivotal 50 EMA （Exponential Moving Average）.
A breach below it could indicate additional bearish momentum, making this level crucial as it frequently serves as a solid support level. According to the chart, the 50 EMA is situated just above PEPE’s current price, which is approximately $0.00001055.
Technical Indicators and Market Sentiment
The relative strength index （RSI） is down to 54, suggesting a slowing trend but not yet reaching oversold levels. The significant sell-off by the whale and this decline raise concerns because they could result in more selling pressure on the market. The next support levels to watch are around $0.00001046 and $0.00000846 if PEPE is unable to maintain its gain above the 50 EMA.
These levels could once again serve as a solid foundation for PEPE to stabilize and possibly rise. They have previously served as strong support. Given the whale’s profit-taking behavior and the state of the technical indicators, traders should exercise caution.
TradingView
Significant holders’ large sell-offs may cause further price declines and increased volatility. Nonetheless, PEPE may find some stability and draw interest from buyers at these lower levels if it can keep its position above the 50 EMA.
解説
- The whale’s significant profit-taking in PEPE highlights the impact of large holders on market dynamics.
- Technical indicators such as the 50 EMA and RSI provide insights into potential support levels and market trends.
- Investors should be cautious of increased volatility and potential further declines due to large-scale profit-taking.