PEPE flashes bullish signs despite $15M Robinhood sell-off — Why?
Robinhood sold a notable amount of PEPE, fueling downward pressure on the asset
Despite the selling volume, however, PEPE held its levels on the chart
PEPE's price has continued to climb on the charts, despite its whales offloading a significant amount of the asset across the market. In fact, contrary to perceptions, AMBCrypto's analysis revealed that the asset's 8% rally over the last 24 hours could signal the beginning of a more significant move.
How will the market respond though? And, what are the odds?
Whale offload without buyback
A wallet linked to the U.S-based cryptocurrency exchange Robinhood saw notable liquidity outflows over the last 24 hours.
This entity sold approximately $15 million worth of PEPE into the market. Typically, when large entities sell off, they follow it with some level of buyback within the same period. However, that hasn't been the case here.
Source: Arkham
Despite the sell-off, however, Robinhood remains the second-largest holder of PEPE, controlling 3.67% of the supply – Worth $209.9 million.
Interestingly, even after this sell-off, PEPE has held on to its price, with market analysis suggesting the token could continue to climb in the coming days.
PEPE's outlook remains bullish
AMBCrypto's short and long-term outlook on the memecoin revealed that the asset remains bullish on both timeframes.
Short-term analysis using the 4-hour chart revealed that PEPE has been trading within a symmetrical triangle pattern, marked by converging support and resistance levels.
Source: TradingView
This bullish formation could push PEPE up by 12.24%, potentially reaching $0.00001541.
A broader outlook using the 1-day chart showed PEPE trading within a cup-and-handle pattern.
Like the symmetrical triangle, this pattern is also a bullish precursor. However, in this case, the price must breach the black resistance line at $0.00001483.
Source: TradingView
If it does, PEPE could rally by 91% to $0.00002836 – A level last seen in December 2024.
The key question now is whether the asset can gather enough momentum to break through that resistance.
Is market momentum building?
Well, at the time of writing, the momentum appeared to be growing across both the spot and derivatives markets.
In the spot market, buying interest has been gradually building up again, with $335,000 worth of PEPE purchased so far.
Source: Coinglass
In the derivatives market, the OI-weighted funding rate stood at 0.0127%, confirming the presence of bullish sentiment.
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