Pepe Draws Whale Accumulation… Will It Break the 100-Day Moving Average and Extend Its Explosive Rally?

▲ Pepe (PEPE) / AI-generated image

Expectations for a further rally in the leading meme coin Pepe (PEPE) are rising as large-scale accumulation by whale investors coincides with strong bullish bets in the futures market.

According to cryptocurrency media outlet FXStreet on February 16 (local time), Pepe, which recorded a rebound of more than 16% last week, is sending bullish signals across both on-chain data and derivatives indicators. Supply distribution data from blockchain analytics firm Santiment shows that whale investors have been taking advantage of the recent price decline to aggressively accumulate Pepe. In particular, whales holding between 100,000 and 100 million tokens have collectively accumulated 11.82 billion PEPE since February 11.

Trading volume within the Pepe ecosystem has also reached its highest level since mid-January, reflecting heightened market interest. Total trading volume surged to $905.99 million last Sunday and maintained a strong $744.8 million on Monday, demonstrating ample liquidity. The derivatives market is also heating up. According to digital asset analytics firm Coinglass, the long-to-short ratio climbed to 1.13, approaching its highest level in a month. A ratio above 1 indicates that a majority of investors are betting on further price gains.

Technical indicators suggest that Pepe’s recovery has entered its early stages. Last Saturday, Pepe closed above its 50-day exponential moving average at $0.0000046. The Relative Strength Index (RSI) rose above the neutral level of 50 to reach 52, signaling a revival in buying pressure. The Moving Average Convergence Divergence (MACD) indicator also formed a bullish crossover last Saturday, supporting the potential for additional upward momentum.

If Pepe maintains its upward momentum, the 100-day exponential moving average at $0.0000052 is expected to act as the first resistance level. A breakout and sustained move above this level could extend the rally toward the 200-day exponential moving average at $0.0000065. However, if a correction occurs, the February 6 low of $0.0000031 is likely to serve as a key support level.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.