PEPE Price Rally Gains Strength As Whales Are Fueling Pump

Key Insights

• PEPE price has risen by as much as 17% on the weekly timeframe. It has broken above the 30-day SMA at $0.00001213.
• Whale wallets added 3.8 trillion PEPE in July while exchange reserves dropped 1.14%.
• Major resistance sits at $0.000013568 with support near $0.000011880.

PEPE price has been on a strong upward trend after recovering strongly in early August. Over the last week, the memecoin has jumped more than 17%, including a daily gain of nearly 10%.

The asset is now trading at $0.0000122, with PEPE holding a market cap of $5.11 billion. Can the bulls continue to pump prices?

Whales Backing the Uptrend of PEPE Price

PEPE’s 24-hour trading volume has soared by 38% to $1.04 billion. This fresh influx of interest comes just as the altcoin rally is heating up. Furthermore, it accompanied the favourable market sentiment and positive developments in U.S. crypto policy.

In addition, the whales appear to be playing a major role in the latest price surge. According to on-chain data, whale wallets added a staggering 3.8 trillion PEPE in July alone.

At the same time, exchange reserves fell by 1.14% this week. This has done much to reduce immediate selling pressure on the token.

Notably, the average entry price for these whales is close to $0.000009. This means they are already in profit territory. Whale profit-taking is possible. However, their ongoing accumulation shows they are confident in further upside for the PEPE price.

PEPE Price Technical Analysis

According to the charts, the price of PEPE recently rebounded from a support zone around $0.0000095.

The daily chart shows that a multi-month symmetric triangle has formed. This pattern is historically viewed as a neutral formation. However, it can be a bullish signal if a breakout from the upside occurs.

Meanwhile, it has reinforced PEPE’s breakout above the 30-day Simple Moving Average at $0.00001213. The Relative Strength Index (RSI) is currently at 61. This means the PEPE price has room for more upside before the market becomes overbought.

The Fibonacci retracement tool places the next significant resistance somewhere around $0.000013568. In other words, a strong close above this point could push the token toward $0.00001425. This could even trigger fear-of-missing-out (FOMO) buying.

On the downside, the MACD histogram shows slightly negative conditions. This means that the $0.000011880 support level is an important line. A failure to stay above it could lead to short-term profit-taking and a slower upward climb.

U.S. Policy Change And Market Excitement

One of the reasons why PEPE is flying so high could be on the political side in the US. According to reports, President Donald Trump recently signed an executive order. This could pave the way for Americans to add cryptocurrencies to their 401(k) retirement accounts.

The U.S. 401(k) system holds over $8.7 trillion in assets. This could significantly change how investors approach crypto with retirement accounts.

Meme coins could benefit if future ETFs linked to this asset class receive regulatory approval. The effects of this development were immediately visible.

Soon after the announcement, PEPE’s trading volume rebounded from $400 million on August 3 to over $500 million. This increase in liquidity shows that confidence is on the rise for PEPE, alongside higher participation from traders.

Futures Market Data Supports Bullish Outlook

Data from the derivatives markets revealed that nearly $300 million in short positions were liquidated across crypto after the policy news. Assets like XRP, Solana, and Ethereum rallied, causing massive bearish liquidations across the board.

Meanwhile, PEPE has steadily risen in open interest (OI). This is because data from Coinglass shows OI climbed from $570 million to $678 million.

This indicates that traders are not only entering positions. However, they also do so with leverage and are likely expecting further gains. Per the 4-hour chart, PEPE price has been trading near its 200-period exponential moving average.

In other words, a push above $0.00001200 could offer a short-term gain of around 17%. This would help the asset target the recent swing high near $0.00001400.