The PEPE whale transaction volume dropped to $70.81 million on July 6 after the crypto market crash. However, large investors quickly increased their buying activity as prices hit a 100-day low. Recent data from IntoTheBlock shows that PEPE whale transactions have been rising, reaching $135.7 million on July 11.
The increase in whale transactions during a market consolidation phase suggests that big investors are taking advantage of the price dip to increase their holdings. This surge in market liquidity from whale transactions also helps smaller investors exit their positions without causing drastic price swings.
PEPE is now in a strong position for a potential breakout in the coming days, especially if the Ethereum ETF launch triggers a surge in market demand.
Currently, PEPE coin is trading at $0.000009323764 with a 1.33% increase, showing a modest recovery. The chart indicates that PEPE has been consolidating around the $0.000009 level, hinting at a possible breakout. The Parabolic SAR dots closely following the price suggest that bullish momentum is slowly building up.
The Relative Strength Index (RSI) stands at 41.04, nearing the neutral zone, indicating that PEPE is neither overbought nor oversold. This RSI positioning leaves room for upward movement without immediate risk of a correction. Breaking above 50 on the RSI could signal stronger bullish momentum, pushing the price towards the next resistance level.