- A dormant whale moved 1.79T PEPE worth $22.23M amid a breakout pattern, signaling renewed interest and possible price volatility ahead.
- PEPE is testing key triangle boundaries near $0.00001350 with resistance at $0.00001511 and support at $0.00001260 and $0.00001139.
- Volume patterns and moving averages suggest bullish momentum as price nears a breakout, with May 17–18 flagged for key movement.
A dormant crypto whale has resurfaced after two years, stirring the markets with a massive PEPE withdrawal from Binance. The whale moved 1.79 trillion PEPE tokens—worth around $22.23 million—into a newly created wallet. This sudden activity coincides with a notable technical setup on the PEPE/USDT. As of writing on May 17, PEPE trades at $0.00001350, posting a 3.69% gain. Consequently, this marks a key inflection point for the memecoin as price tests crucial resistance and support levels.
Moreover, the data covering May 7–17 reveals a symmetrical triangle pattern. This setup formed after a sharp price surge on May 9. The upper boundary connects lower highs while the lower trendline links rising lows, creating a narrowing formation. Price now hovers near the apex of this triangle, signaling a potential breakout in either direction.
Key Technical Levels and Whale Wallet History
Support zones remain clearly defined. Immediate levels include $0.00001271 and $0.00001260. Deeper support lies at $0.00001139. These areas have held firm during prior dips, providing strong price floors. On the upside, $0.00001511 acts as a resistance. PEPE attempted multiple breakouts between May 12–14 but failed to sustain momentum above this line.
The whale’s wallet previously interacted with Uniswap, MetaMask, and 0x Exchange. It handled large sums of PEOPLE, ETH, UNI, and USDT before going inactive. This history adds weight to the current accumulation, especially as the whale returned amid a technically sensitive period.
Volume Dynamics and Momentum Indicators
Volume surged during the May 9 rally but gradually declined during consolidation. This aligns with typical triangle patterns. Recently, candles turned green again, suggesting bullish momentum. The moving average, marked in pink, crossed above the lower trendline on May 15. Hence, this crossover may confirmthe strengthening support below.
Source: Bitcoin Billionaire
Additionally, a shaded blue rectangle highlights May 17–18 as a period to watch closely. If PEPE holds above support and breaks resistance, new highs could follow. However, if sellers regain control, the pink-shaded area below indicates potential fallback zones.
