PEPE price slips 3% despite whale accumulation and rebound efforts
Pepe price stalls near $0.00001217 as bulls defend key support amid whale buying activity
Pepe (PEPE) fell sharply on Tuesday, shedding 3% to trade around $0.00001217, as heavy selling pressure overwhelmed rebound attempts. The decline follows a broader market correction that pushed the CoinDesk 20 index down 2.95% and the Memecoin Index lower by 3.9%.
Highlights
- Pepe drops 3% to $0.00001217 amid 3.47T token trading volume and broader market sell-off
- PEPE whales on Ethereum increase holdings by 1.4% to over 305.26T tokens despite price weakness
- Support at $0.00001200 holds for now; breakout above $0.00001290 needed for further upside
Despite the slump, on-chain data reveals continued whale accumulation, with Ethereum-based PEPE holders increasing their stash by 1.4% over the past week, now totaling over 305.26 trillion tokens.
PEPE price dynamics (Source: TradingView)
The latest pullback comes after PEPE briefly touched highs of $0.00001268 before reversing to session lows near $0.00001169. The sell-off was accompanied by massive 24-hour trading volume exceeding 3.47 trillion tokens, hinting at widespread liquidations and position reshuffling. However, a bounce from intraday lows has allowed the token to stabilize above its previous breakout zone near $0.00001200, a level now acting as immediate support.
Technical structure still favors bulls
Despite the intraday dip, the broader 4-hour trend remains bullish, with PEPE holding above a rising trendline drawn from early July lows. The 20 and 50 EMA cluster near $0.00001200 and $0.00001169, providing a technical base for the price to consolidate. Bollinger Bands suggest volatility is compressing, raising the prospect of a breakout once accumulation completes. The RSI has recovered from oversold levels and now reads 53, while MACD shows a minor bullish crossover.
To sustain upward momentum, PEPE must reclaim the $0.00001260–$0.00001300 range, with a clean break above $0.00001290 potentially opening the door to $0.00001380. Failure to hold $0.00001180 could invite further downside toward $0.00001080 and possibly $0.00001039.
In our prior coverage, we noted that a move above $0.00001200 would need to be defended by bulls to sustain upward pressure. That scenario continues to play out, with PEPE currently consolidating above this level. However, the short-term trend remains vulnerable unless bulls step in strongly above the $0.00001290 threshold.
