- PEPE Whale’s $1.34M investment could signal a market rally.
- Recent declines in PEPE might be offset by bullish whale actions
A notable move by a PEPE memecoin whale has caught traders’ attention. The investor, known for their diamond hand approach, initially spent $200,000 USDC to acquire 170 billion PEPE tokens on October 25, 2023. They held the tokens until July 25, 2024, when they sold them for $1.97 million USDC, realizing a profit of $1.77 million (+886%). Recently, this trader reinvested $1.34 million USDC to purchase 173 billion tokens, indicating strong confidence in the asset.
Despite a sharp decline in memecoin prices yesterday, which saw some coins drop by double digits, the market is showing signs of recovery. PEPE, currently trading at $0.000007807, has risen by 2.42% in the past 24 hours. However, the trading volume has decreased by 12% over the same period, with it reaching a nine-day low of $0.00000703 yesterday. Over the past month, PEPE has fallen by 34%. And notably, a few hours ago, A wallet related to Ceffu withdrew 1.48T PEPE($11.6M) from Binance just now.
Meanwhile, analysts are cautiously optimistic about a potential PEPE bull rally. Retail trader interest in it has been growing, supported by bullish signals from the Moving Average Convergence Divergence (MACD) indicator. The MACD line (blue) has crossed above the signal line (red) and is moving into positive territory, suggesting increased bullish momentum. Additionally, there has been a rise in active daily addresses for PEPE.
Can Pepe Bull Run Be Expected?
The daily chart reveals PEPE in a fragile bullish trend, with the 9-day Exponential Moving Average at $0.00000780. The Relative Strength Index (RSI) is at 51, reflecting a neutral market condition.
If bullish momentum continues, resistance levels are projected at $0.00000795 and $0.00000810. Conversely, sustained bearish sentiment could see a drop to $0.00000766, with support around $0.00000756.
As it navigates key resistance levels, its performance will be crucial for the broader market. Traders are closely watching for signs of continued strength or potential reversals in the coming days.
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