Major PEPE Whale Takes Profits: $5.85 Million Gain

Within the last hour, a whale sent 400 billion PEPE (about $4.22 million) to Binance in order to profit. This whale now possesses 395.93 billion PEPE, which is valued at $4.18 million after previously withdrawing 795.92 billion PEPE, or $2.55 million, from Binance on March 1. 

With a remarkable ROI of 230%, the whales' total PEPE profit is $5.85 million. Looking at the PEPE chart, we can see that the asset had a recent decline that ended just above the pivotal 50 EMA (Exponential Moving Average). 

A breach below it could indicate additional bearish momentum, making this level crucial as it frequently serves as a solid support level. According to the chart, the 50 EMA is situated just above PEPE's current price, which is approximately $0.00001055.

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The relative strength index is down to 54, suggesting a slowing trend but not yet reaching oversold levels. The significant sell-off by the whale and this decline raise concerns because they could result in more selling pressure on the market. The next support levels to watch are around $0.00001046 and $0.00000846 - if PEPE is unable to maintain its gain above the 50 EMA. 

These levels could once again serve as a solid foundation for PEPE to stabilize and possibly rise. They have previously served as strong support. Given the whales' profit-taking behavior and the state of the technical indicators, traders should exercise caution.

Significant holders' large sell-offs may cause further price declines and increased volatility. Nonetheless, PEPE may find some stability and draw interest from buyers at these lower levels if it can keep its position above the 50 EMA.