Crypto News

TheRoaringKitty’s Comeback Sparks Memecoin Frenzy: $PEPE Faces Potential Retrace

The return of TheRoaringKitty to the crypto scene has stirred excitement among enthusiasts, particularly within the memecoin community.

While some alternative coins may experience significant growth, others, like $PEPE, could be poised for a pullback following a recent surge that propelled it to an all-time high earlier this week.

Analyst Ali Martinez, known for insights on X, points out concerning signals for $PEPE. The TD Sequential indicator on the PEPE 3-day chart has triggered two sell signals: an aggressive 13 and a green nine candle. 

Additionally, there’s a bearish divergence between price action and the Relative Strength Index (RSI), suggesting potential downward pressure.

Despite potential concerns, on-chain data still indicates whale accumulation of $PEPE. According to Lookonchain reports, a significant whale withdrew 520 billion $PEPE ($5.28M) from Binance in the past 24 hours. 

However, this particular whale’s trading strategy seems less than savvy, having purchased a total of 10 tokens without selling any. With the current price, this approach resulted in a total loss of $6.1M, with only half of the tokens being profitable.

Another $PEPE Whale Movements To Monitor 

Meanwhile, another wallet associated with Block Tower Capital has reportedly acquired 202 billion $PEPE ($2.22M) via Cumberland. However, recent reports suggest trouble for Block Tower Capital, as its main hedge fund faced compromise and partial depletion due to fraudulent activities.

The uncertainty surrounding $PEPE’s future trajectory underscores the volatile nature of the memecoin market. While whale accumulation may indicate continued interest, caution is warranted, especially considering potential sell signals and external factors affecting key players in the cryptocurrency industry. 

As traders navigate these developments, vigilance and strategic decision-making will be essential to mitigate risks and capitalize on opportunities in the ever-changing crypto landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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