Massive 9 Trillion PEPE Coin Whale Buy
PEPE has calmed out after a quick rise this morning, gaining 0.77% over the previous 24 hours and contributing to a 1.57% meme coin gain.
However, a whale holding 9 trillion PEPE coins has raised hopes of a price spike.
Today's gain has helped PEPE recover from its 7.48% drop since last Thursday, one of the worst-hit meme currencies.
Indeed, this big fluctuation seems to have interested traders with PEPE. Over the previous 24 hours, meme coin trade reached $500 million.
Whale Gets $65M PEPE—What Do They Know?
Whale Alert reported on September 4th X that an unknown whale shifted 9 trillion PEPE from Bybit, a leading crypto exchange. A PEPE price breakthrough is predicted after this $64.55 million transfer.
This $64.55 million transfer has sparked conjecture regarding a PEPE price breakthrough, and subsequent PEPE price chart movements reinforce this idea.
PEPE is in a falling wedge formation, indicating rising volatility during a time of fear, uncertainty, and doubt. This pattern approaches a breakout as the asset unwinds selling pressure.
However, momentum indications indicate strong selling pressure.
Despite PEPE not being oversold, the RSI remains depressed around 40, suggesting a bearish bias.
Poor purchasing pressure, showing traders' caution, might hamper PEPE's rising momentum until higher demand materializes.
At -0.025, PEPE's Chaikin Money Flow (CMF) is battling to recover.
Persistent selling pressure makes a breakthrough difficult.
The biggest difficulty for PEPE in the short term is breaching its consolidation range of 0.0000070 to 0.00000755.
PEPE must acquire strength to pass past this zone and face 20EMA opposition.
Overcoming this major obstacle might allow a pattern upper bound retest.
PEPE may recoup $0.00001 and reach record highs with a breakthrough.
