Pepe the Frog Coin (PEPE) Jumps 11% as Whale Investors Offload SPX

Pepe the Frog Coin (PEPE) has risen over 11% this week as other major assets, including SPX, see key whale traders switching to PEPE.

Pepe (PEPE) has captured the attention of whale investors, who are now shifting their capital from established tokens like SPX to the memecoin.

As reported by IntoTheBlock, a whale investor has been making massive trades, notably buying SPX and selling off to PEPE, netting them a total of $2.19 million on the memecoin.

Pepe’s recent price performance has also been noteworthy, surging over 11% in less than a week. The token began to see upward momentum as whale traders started accumulating substantial positions on the token.

Currently, Pepe is trading around $0.00000101, having recovered from lows of $0.00000099 just a couple of days ago. These may seem like small numbers, but in percentage terms, it’s a vast shift that could generate substantial profits for those holding a lot of the token.

Moreover, the market activity among the market players, including whale purchases, has contributed partially to the liquidity and confidence of smaller investors, who often follow the whales’ lead.

From a technical perspective, Pepe can be observed through several indicators suggesting cautiously optimistic times ahead. On a 4-hour chart on Binance, PEPE/USDT shows a series of higher highs and lows, typically indicating a bull run.

The Relative Strength Index (RSI) is at 47.03, in neutral territory, suggesting that PEPE is neither oversold nor overbought. This indicates the potential for further growth if the momentum continues.

Additionally, the 50-day Simple Moving Average (SMA) crossed above the 100-day SMA around late Wednesday, forming a ‘golden cross.’ This is a positive signal commonly recognized among traders as an indication of future price increases.

At the moment, Pepe is testing its next resistance level at $0.00000109. If it manages to break through this level, the next key target could be $0.00000112. On the downside, there is strong support at $0.00000098.

Should the price fall, this support level will likely face pressure as investors buy up tokens, viewing it as an opportunity to obtain tokens at what they deem a bargain.