- Whale transfers 600M DOGE and 588B PEPE fueling market momentum and confidence in these digital assets.
- Historical patterns suggest Dogecoin could rally after a 46% correction, similar to its 2021 surge.
- PEPE’s descending triangle hints at a potential breakout, with key support at $0.00001089 and resistance near $0.00002811.
Dogecoin and PEPE have surged, similar to the broader increase in digital assets since January 15th. At press time, Dogecoin was trading at $0.4171, a 12.50% increase in the past 24 hours. PEPE had a 8.31% rise, trading at $0.00001975. The recent price spikes are due to substantial transfers and key market developments.
According to Whale Alert, two transfers of DOGE were reported, totaling 600 million DOGE ($231.58 million). Further, OnchainDataNerd noted a substantial PEPE transaction, wherein, a whale deposited 588 billion PEPE ($10.99 million) to Kraken.
Whale Activity Drives Market Momentum
Whale activity has been important in the performance of both DOGE and PEPE. Whale Alert reported a massive transfer of 400 million DOGE ($154.27 million) from one unknown wallet and another transfer involving 200 million DOGE ($77.31 million), indicating an increase in liquidity movements within the market.
These transactions show the growing interest and confidence among large investors in Dogecoin. Meanwhile, OnchainDataNerd observed a whale deposit of 588 billion PEPE ($10.99 million) to Kraken. This whale had accumulated the tokens at a cost of $5.2 million, now holding an unrealized profit of approximately $7.34 million with an ROI of 141%.
Historical Patterns Show DOGE’s Potential
Analyst Ali pointed out historical patterns that can help predict upcoming price movements for Dogecoin. In January 2021, DOGE had a major surge following a 56% price correction. Recently, DOGE has seen a 46% correction, which could indicate a potential second leg up if the pattern repeats.
Ali noted that similar movements may lead to a rally starting as soon as next week. This historical comparison offers insight into potential future trends, showing the importance of tracking price corrections and rebounds.
Andrew Griffiths’ View on PEPE
Andrew Griffiths noted a consolidation pattern on PEPE forming a descending triangle. This often suggests a potential breakout scenario. Key observations include a strong horizontal support zone around $0.00001089 to $0.00001083, indicating buying interest.
The descending trendline acts as resistance, compressing the price within a narrowing range. Griffiths highlighted a gradual decline in trading volume, which often precedes a breakout.
If PEPE breaks upward, it could target the next resistance level around $0.00002811. A breakdown might retest lower levels. Griffiths emphasized the importance of monitoring volume and price action near critical levels for confirmation of the breakout direction.
Technical Indicators
On a 4 hour timeframe, both Dogecoin and PEPE show bullish momentum. Dogecoin’s price shows a steady upward trend. PEPE has stronger upward movement, gaining 35.20% over the same period.
The RSI for Dogecoin is at 72.78, suggesting an overbought condition that could lead to short term consolidation or pullback. PEPE similarly approaches overbought levels. The MACD for Dogecoin shows a bullish crossover, with increasing positive momentum.
Volume trends, particularly for Dogecoin, indicate strong trading activity, which could support further price increases. However, monitoring key support and resistance levels will be crucial for anticipating future price movements.
