Will $0.00001 hold after whale offloading?

Yesterday, a whale Pepe investor transferred about 500 billion Pepe (PEPE), worth ~$4.8 million, to Binance, which put more selling pressure on the order books. 

The $0.00001 level, which PEPE price prediction analysts have regarded as a short-term line in the sand, was quickly explored by price activity before leveling off slightly below it. 

PEPE price prediction discussions intensified as PEPE lingered around the high-$0.000009s in intraday feeds, with the market determining if this is a clean recovery or a deeper break.

PEPE price prediction: What you need to know

As of this writing, PEPE is trading slightly lower on the day following Monday’s whale move, at between $0.0000097 and $0.0000098. Over the previous sessions, the $0.00001 band has served as a make-or-break pivot: short dips below it have drawn dip-buyers, but long-term closures below would shift the momentum in favor of selling.

Interestingly, PEPE has performed better over the past 24 hours than the larger memecoin cohort, which experienced a more severe decline, even after the dump. Compared to smaller meme tokens, high liquidity and turnover continue to reduce volatility.

Bullish factors for PEPE price

Buyers have the opportunity to mean-revert toward $0.0000115–$0.0000125, a level that corresponds with recent supply and frequently observed resistance, if $0.00001 holds on a daily closing basis. If momentum breaks through the mid-$0.000012s, pattern traders also indicate a follow-through goal close to $0.000013. 

Under the hood, on-chain dashboards reveal that whale holdings on Ethereum have increased by about 1.46% over the past 30 days, and more extensive coverage has brought attention to recent accumulation stages, both of which can spur recoveries once sentiment levels off. PEPE continues to generate high levels of social media discussion, which frequently speeds up meme cycles’ upward trajectory.

https://twitter.com/pepeethwhale/status/1963049608562491735?ref_src=twsrc%5Etfw” target=”_blank

Bearish factors

On the other hand, the market initially looks at recent intraday lows around $0.00000938 as a waypoint, and a clear break and acceptance below $0.00001 might create space for $0.0000090–$0.0000085. Swings are amplified in both sides by PEPE’s enormous supply and speculative flows; further whale distribution or a cooling off of meme-sector risk appetite would probably intensify drawdowns.

PEPE price prediction based on current levels

PEPE is currently trading in a crucial range between $0.0000085 and $0.0000125. The ability of the $0.00001 level to hold is still the most important consideration. A relief move toward the $0.0000115–$0.0000125 range is anticipated if buyers can defend and recapture this line. Some analysts even predict a push toward $0.000013 if volume and momentum rebound, forming a key Pepe price forecast for the days ahead.

However, if $0.00001 is not maintained, pressure may increase toward $0.0000090–$0.0000085, starting with a retest of the $0.00000938 region where the market recently found short-term support.  Because of its highly speculative nature, PEPE is still susceptible to abrupt fluctuations based on whale activity and changes in the attitude of meme coins.

The cryptocurrency is currently trading just below the $0.00001 pivot, and the overall Pepe outlook for the immediate future is neutral to bearish. The expectation is for ongoing volatility as traders continuously test this level. A strong recapture would likely support a comeback into the low $0.000012s, while a breakdown would probably encourage a drop into the high $0.000008s.