Pepe price has jumped to a crucial resistance level this week as the crypto market recovers. On-chain data, smart money flows, and technical signals point to a potential surge toward $0.0000172.
Pepe Coin (PEPE) jumped to a high of $0.000009178 on Wednesday, up by over 75% from its lowest level this year.
The rally coincides with a steady rise in the number of whales holding PEPE over the past few months. According to Santiment, the number of addresses holding between 10 million and 100 million coins has increased to 117,000, up from 106,000 on January 1.
Similarly, those holding between 1 million and 10 million coins have risen to 127,000, compared to 102,000 at the start of the year. This growth in whale holdings is notable, especially as it occurred during a period when the coin was in a downtrend.
Additional Santiment data shows that the balance held by whales surged significantly this week. Although the number of smart money wallets has declined slightly, their total holdings jumped from 278 billion PEPE on Monday to 635 billion. The increase was driven by two smart money addresses that collectively purchased $1.3 million worth of tokens.
In crypto, tracking whale and smart money behavior is a widely used form of fundamental analysis. Nansen defines “smart money” as wallets tied to highly profitable or influential traders and investors, while whales are those holding large coin positions.
Pepe price technical analysis
The daily chart reveals that the Pepe coin price has moved sideways since March. This consolidation happened after the coin fell to a crucial support level that coincided with the lowest point in August last year.
Pepe has now formed a double-bottom pattern, which closely resembles the letter W. This pattern has two lower swings and a neckline at $0.0000092, its highest level on March 26.
The coin also formed a falling wedge pattern, a common bullish reversal sign. Additionally, the Awesome Oscillator has just crossed the zero line and turned green. It crossed that zone in November, triggering a 160% surge to its highest level in November.
Given these signals, the coin is likely to continue climbing, with buyers targeting the crucial resistance level at $0.00001725, the highest swing point from May of last year. This price target is roughly 100% above current levels.