PEPE has seen a meteoric rise, surging over 55% in the last four days and reaching a 4-month high of $0.0000139 before settling near $0.0000132, buoyed by strong buyer dominance. This price surge accompanies significant whale activity, with 21.18 trillion PEPE being accumulated in just 24 hours, a pattern previously linked to historic buy zones that often preceded sharp corrections.
The Relative Strength Index (RSI) for PEPE hit 83—well into overbought territory. Past instances where RSI exceeded 80 resulted in major price rallies followed by sharp declines. Despite this, exchange flow data shows more withdrawals than deposits, which typically signals that traders are opting to hold, fueling bullish sentiment.
Analysts note that PEPE recently broke above key technical resistance levels following a double bottom pattern, maintaining support above $0.00001200. Whale-driven accumulation has led to a tightening supply and increased market confidence, but analysts warn of heightened volatility and possible short-term corrections if whales offload their holdings.
In summary, while current market structure appears bullish, the historical context suggests caution as similar runs have ended in sharp retracements.