Bitcoin News Today: Whales Fuel PEPE's Coiling Spring as $0.00001010 Resistance Looms

PEPE's price action has shown a critical technical development as the memecoin breaks above a descending trendline, with key daily support levels holding firm around $0.00000900. Over the past week, PEPE has fluctuated between $0.0000009328 and $0.00000097, with a bearish trend persisting as the price dropped to $0.0000009254. Despite this, buyers have demonstrated resilience by defending the $0.00000900 support zone, forming a textbook triangle pattern. This consolidation suggests pent-up momentum, with bulls preparing for a potential breakout. Analysts highlight that the triangle's descending resistance line converges with horizontal support, creating a "coiling spring" setup where decreasing volume precedes volatility spikes.

Technical indicators reinforce the bullish narrative. The Moving Average Convergence Divergence (MACD) shows convergence between the signal and MACD lines, indicating fading bearish momentum and a possible shift toward neutrality. Meanwhile, the Relative Strength Index (RSI) hovers near 40, signaling oversold conditions but lacking strong buying pressure. On the 1-day chart, the 50-day and 200-day simple moving averages (SMAs) act as critical resistance levels at $0.00001010 and $0.00001040, respectively. A breakout above these levels could confirm a bullish reversal. Additionally, the Stochastic RSI and RSI divergence reflect increasing positive momentum, suggesting a potential trend reversal as selling pressure wanes.

Whale activity further underscores the buildup of bullish sentiment. A 1.52 trillion token purchase worth $16 million has pushed PEPE's market cap closer to $5 billion, signaling institutional confidence. On-chain data also reveals large accumulations, such as a whale withdrawing 280 billion PEPE tokens from Binance and another purchasing 200.4 billion PEPE for 3.72 million USDC. These actions align with historical patterns where whale accumulation precedes sharp price surges.

The broader market context adds complexity. Bitcoin's pullback from its all-time high above $126,000 to below $123,000 has spilled into altcoin sentiment, with PEPE mirroring Bitcoin's volatility. Analysts note that PEPE's price movements often amplify Bitcoin's directional bias. If Bitcoin stabilizes or rebounds, PEPE could experience accelerated bullish momentum. Conversely, a further decline in Bitcoin below $122,000 could trigger a breakdown in PEPE's triangle pattern.

Three potential scenarios emerge from the current setup. In a bullish case, a breakout above $0.00001010–$0.00001040 could propel PEPE toward $0.00001150, with follow-through targets at $0.00001220–$0.00001300. A neutral scenario sees PEPE oscillating within the triangle until mid-October, tightening the consolidation phase before a resolution. A bearish breakdown below $0.00000900 would invalidate the bullish triangle, targeting $0.00000860 and $0.00000800.

Market participants are also monitoring Fibonacci retracement levels. The 0.236 Fibonacci at $0.00002010 has acted as a key support, with bulls eyeing the 1.272 and 2.272 extensions at $0.00002708 and $0.00003325 as potential wave targets. Meanwhile, the 78.60% Fibonacci extension near $0.000020 is another critical level to watch if the bull flag pattern completes.

The social media landscape remains a wildcard. PEPE's resurgence coincides with heightened meme coin enthusiasm, including President Donald Trump's launch of a meme coin and Elon Musk's advocacy for Dogecoin. Analysts argue that retail-driven demand and speculative fervor could drive PEPE's next move, particularly if institutional adoption or DeFi integrations materialize.

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