PEPE Consolidates Near Key Resistance as Whale Accumulation and Analysts Signal Potential Breakout

PEPE has been consolidating near a key resistance level, sparking growing bullish sentiment among traders and analysts. The frog-themed memecoin has remained within a tight trading range for much of the past month, with its price fluctuating between $0.00001181 and $0.00001198 in recent sessions. While it has failed to push above $0.000012—a critical resistance zone—repeated attempts to breach this level suggest an upcoming breakout may be imminent [1].

Galaxy, a well-known crypto analyst, highlighted that in a previous cycle, PEPE moved sideways for nearly 40 days before launching into a strong upward trend. With the current consolidation period nearing the 30-day mark, this historical pattern has intensified speculation that a significant move could follow soon [1].

On-chain data from Nansen also shows continued accumulation by large holders. Over the past 30 days, the top 100 PEPE wallets on Ethereum increased their holdings by 1.5 percent, while exchange balances dropped by 0.5 percent, indicating a shift of tokens into private wallets. This trend suggests that whale activity remains bullish, despite the broader memecoin market showing signs of weakness [1].

Despite a recent 4 percent decline in the last 24 hours, prominent analyst Steph has predicted that PEPE could produce new millionaires in the coming months. This optimism is being fueled by a combination of whale accumulation, reduced exchange balances, and historical patterns that support the possibility of a breakout if market conditions improve [1].

From a technical perspective, PEPE has shown signs of consolidation beneath key resistance. The token's price reached $0.0000126621 before encountering strong selling pressure, and it has since found support near $0.0000118094. Trading volumes have slowed in recent sessions, suggesting reduced buying interest. However, the continued accumulation by large holders provides a counterpoint to this trend, reinforcing the likelihood of a potential upward move if buyers step in at critical levels [1].

Market analysts are closely watching whether PEPE can reclaim and hold above $0.000012. A successful breakout with strong volume could signal the start of a more sustained upward trend, with higher resistance levels becoming the next focus. Conversely, a failure to break above this level could result in further tests of lower support zones. The combination of whale activity, technical patterns, and analyst commentary has positioned PEPE as a potential breakout candidate in the current market environment [1].

Source: [1]PEPE Consolidation Near Breakout Point Fuels Growing Bullish Sentiment (https://www.livebitcoinnews.com/pepe-consolidation-near-breakout-point-fuels-growing-bullish-sentiment/)