PEPE Price Prediction: Last-minute $121M whale demand sparks 1,500% 2024 rally
- PEPE price surged 25% within the last 24 hours, decoupling from the broader market gloom.
- Whale transactions on the PEPE network hit a weekly peak volume of $121 million on Monday.
- Technical indicators suggest the bullish momentum could weaken as PEPE price approaches the $0.000025 resistance level.
PEPE price surged 25% within the last 24 hours, decoupling from the broader crypto market’s year-end volatility. With whales spotted entering last-minute buying frenzy, can PEPE breach the $0.000025 resistance?
PEPE price decouples from Crypto market dip with 25% rally
PEPE has emerged the standout performer, as global cryptocurrency markets experienced intense volatility in the final trading hours of 2024. Amid the downtrend, Bitcoin price remains stuck below $95,000, struggling to reclaim key psychological levels, while Ethereum continues to falter around $3,300.
Similarly, memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded double-digit losses over the past week.
However, amid this gloomy backdrop, PEPE price has increased considerably on Tuesday.
PEPE Price Action | Source: TradingView
According to TradingView data, PEPE's price climbed from a daily low of $0.000017 on Monday to reach $0.000021 during Tuesday's trading session.
This 25% rally makes PEPE the best-performing asset among the top 20-ranked cryptocurrencies in the final trading day of 2024.
With 1,500% yearly timeframe returns, and a market capitalization of $8.3 billion, PEPE is on course to close 2024 as the 3rd largest memecoin project behind DOGE and SHIB.
Whales spotted trading $121M in last-minute frenzy
PEPE’s 25% price surge on Tuesday has left many wondering if this momentum is sustainable or simply a temporary spike driven by short-term factors. On-chain data trends show an unusual spike in whale trading activity on the PEPE network, a move that could have sparked the rally.
PEPE Whale Transactions | Source: IntoTheBlock
According to on-chain analytics platform IntoTheBlock, PEPE's network recorded a weekly peak volume of $121 million in whale transactions on Monday. This figure represents the highest level of large wallet activity on the PEPE blockchain in over a month. The timing of these transactions suggests strategic accumulation by large investors capitalizing on the market dip and thin liquidity to drive prices higher.
While this surge in whale demand on Monday has coincided with PEPE 25% price gains in the last 24 hours, it remains to be seen if the whale demand will persist, or if rally evolves into a bull-trap.
PEPE Price Forecast: $0.000025 Resistance Looms Large
While PEPE’s recent rally is impressive, technical indicators suggest that the bullish momentum could face challenges as the price approaches the $0.000025 resistance level. Historically, bears mounted a major sell-wall at this price zone when the market crash began in mid-December.
The Moving Average Convergence Divergence (MACD) indicator on the daily timeframe shows limited bullish momentum. While the MACD line has crossed above the signal line, the histogram's shallow peaks suggest low trading volume and weak demand to sustain further upward movement. This aligns with the broader market trend, where Bitcoin and Ethereum are struggling to maintain key levels, and other memecoins like DOGE and SHIB remain bearish.
Additionally, the Relative Strength Index (RSI) sits at 53.08, indicating neutral conditions. While this level leaves room for further upward movement, the RSI has yet to break into overbought territory, suggesting the rally lacks the strong momentum typically needed to breach significant resistance levels.
PEPE Price Forecast | PEPEUSDT
If PEPE price rally successfully breaks above $0.000025, it could ignite a broader bullish trend, with the next target set at $0.000030. Such a move would likely require renewed whale activity or significant market-wide sentiment shifts. However, considering the weak MACD momentum and PEPE’s rally against broader market trends, this scenario appears less likely in the NEAR term.
Alternatively, failure to overcome the $0.000025 resistance would likely result in a consolidation phase. A rejection at this level could see PEPE retesting $0.00002006 and potentially dropping further to $0.00001846, where the lower Donchian Channel boundary could act as a safety net. A break below $0.00001846 would invalidate the current bullish structure and open the door for a decline toward $0.00001441.
