Pepe Price Prediction as PEPE Becomes Top Performing Crypto – Are Whales Buying?

cryptonews.com:

The PEPE price has risen by 4.5% in the past 24 hours, with the meme token's move to $0.000000818131 coming on a very flat day for the cryptocurrency market as a whole.

Despite today's market-beating jump, PEPE remains down by 6.5% in a week and by 28% in the last 30 days, with the altcoin also having dropped by 80% since reaching an all-time high of $0.00000431 in early May.

Yet with the coin having been oversold for several weeks now, it seems as though buyers are starting to show interest in it all over again, paving the way for further potential gains in the coming days.

PEPE's chart and indicators suggest that it was about time that the meme token saw some kind of rebound, with its relative strength index (purple) dropping below 30 over the weekend.

This indicates that the coin had been oversold for quite some time, as does the fact that its price has been substantially below its 30-day moving average (yellow) since the middle of August.

In other words, PEPE has been selling at a steep discount relative to its recent levels, something which should (in theory) make it more attractive to buyers.

This does indeed seem to be the case, given that the coin has jumped by around 4.5% in 24 hours, a move which could be the beginning of a more sustained recovery.

It's also worth pointing out that some whales had begun accumulating the coin all over again in the past few days, taking advantage of the fact that it was selling very cheaply. 

The above transactions happened a few days ago now, and while there has been no indication of more recent buys by large investors, the coin's jump today would suggest that other traders are also accumulating the token right now.

As such, it's likely that PEPE will see further gains in the near term,