PEPE test important support level, whales accumulate $3 million – Soon to increase by 12%?

Pepe (PEPE) has been bullish in the past 7 days after the participation of large entities buying into this asset. However, the increase depends on several market drivers, especially the important support level that is currently being tested.

While the confidence of holders remains strong, the liquidation map shows both opportunities and risks for a sustainable bullish rally.

Accumulating entities when long-term investors participate

According to data from Arkham Intelligence, large investors are once again entering the market, accumulating PEPE with significant volume.

Source: ArkhamIn the past 24 hours, over 3 million dollars of PEPE has been accumulated, with Morpho leading the way by purchasing approximately 1.3 million dollars worth of tokens. At the same time, the number of PEPE holders reached an all-time high of 455,670, according to CoinMarketCap.

The simultaneous increase in both accumulation and the number of holders signals growing confidence in the token's prospects, indicating strong potential for a continuous bullish trend.

Technical structure and important support

While institutions and long-term holders are increasing their positions, the ability for the price of PEPE to continue its rally will depend on an important support level.

Currently, PEPE is trading in a bullish pattern known as an inverted head and shoulders, which often precedes upward breakout phases.

Source: TradingViewPEPE has entered a significant support level at 0.00001024 dollars, a level that previously acted as a resistance.

If the price breaks below this level, it will invalidate the current bullish pattern and trigger a bearish reversal.

However, if support is maintained and buying pressure continues, PEPE could rise to $0.00001157, providing a potential increase of 12%.

The demand to maintain will push this token higher to $0.00001339, representing an additional increase of 15%.

The next few sessions will play a crucial role in determining whether this support level can hold firm and drive the next momentum.

Source: TradingViewAnalysis of the Bull Bear Power indicator (BBP) helps to determine whether buyers (bull) or sellers (bear) are in control, indicating that green bars are continuously forming, signaling bullish momentum.

Multiple consecutive blue bars indicate increased buying activity, enhancing the likelihood of a breakout above $0.00001157.

Two price scenarios that may occur in the future

The liquidation map on CoinGlass is used to predict potential price reversal areas showing a two-way risk profile. The main liquidation levels are both above and below the current price level, implying that PEPE can move in both directions.

A bearish move could push the asset down to the support level of $0.0000099, where the final main liquidity cluster is located.

Source: CoinGlassOn the other hand, if the bullish momentum continues, PEPE could rise to $0.00001114, a region marked by significant liquidity clusters.

This level can act as a magnet for price action, especially when leveraged Short positions are under pressure.

Currently, some indicators and the general market sentiment are leaning towards a bullish trend, indicating that the continued influx of capital will push PEPE higher.

However, maintaining volume and monitoring will be key to confirming the breakout.

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