PEPE Coin (PEPE) Price Prediction: WHALES vs TRADERS – Which Way Will the Meme Coin Follow?

Pepe Coin price has not been as bullish as other top-ranking cryptocurrencies because, from analysis of investor behavior, the market is divided between bearish traders and bullish long-term investors.

Pepe Coin price has not been as bullish as other top cryptocurrencies, as analysis of investor behavior shows that the market is split between bearish traders and bullish long-term investors.

Pepe Coin price struggles to break past resistance as traders cash out

Pepe Coin price faced a slight struggle to break past resistance as retail traders are cashing out their crypto holdings, according to derivatives data. While whales have been accumulating PEPE in anticipation of a price rise, retail traders seem to be bearish on the asset.

Coinglass data shows that traders have been closing their Short positions in profit, as indicated by the drop in open interest (OI) while the price increased. Typically, traders tend to close their Short positions and open Long positions simultaneously.

However, a second metric suggests that this may not be the case for Pepe Coin. A side-by-side comparison of the OI and cumulative volume delta (CVD) shows that both are dropping. When this occurs, it signifies that long positions are being closed.

In this case, although Shorts are closing in profit, no new Long positions are being opened, which could be a bearish indicator for PEPE.

On the other hand, large holders of Pepe Coin remain bullish on the meme coin, with data from Santiment showing an increase in whale activity over the last 48 hours. The red spikes on the chart indicate increased transactions from whales with more than $5 million in PEPE, while the yellow spikes represent $100,000 net-worth whales. The blue rising histogram represents the active addresses, which have increased over the last 24 hours, signaling new users have entered the PEPE fold.

Pepe Coin price hints at a 68% surge ahead

The whales and new users might be on to something, as the Pepe Coin price chart hints at the possibility of a 68% surge in price in the future.

A descending wedge pattern is forming on the PEPE price chart, which is usually considered a bullish reversal signal, especially if the asset manages to break above the wedge's resistance.

Currently, Pepe Coin price faces resistance at $0.00000836 near the 200 EMA. If it breaks above that, PEPE price could complete a double bottom reversal pattern that catapults it 68% to $0.00001200, which would also double as a breakout and potentially set up the price for further gains to $0.00001800.

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