Recently, the cryptocurrency market has been in turmoil again. After experiencing a significant price drop, PEPE, a high-profile meme coin, unexpectedly ushered in the favor of a mysterious big buyer. It is reported that within three days after the price of PEPE fell back by about 20%, the anonymous "whale" investor made a decisive move and spent US$1.34 million (approximately equivalent to USDC) through his wallet address "0x612e" to purchase an astonishing amount of USDC in one fell swoop. 173 billion PEPE tokens. This move quickly caused ripples in the cryptocurrency community, and market sentiment seemed to be warming up accordingly.
This PEPE whale is not a rookie. Historical data shows that the investor had foresightedly purchased 170 billion PEPE in October 2023, and then sold them at the right time in July 2024. In just a few months, he realized a huge profit of more than 1.77 million US dollars, and the return on investment was as high as an astonishing 886%. This heavy investment has undoubtedly added a bit of bullish color to the market.
From the perspective of technical analysis, PEPE is currently at a critical turning point. Its price has recently been strongly supported by the rising trend line and has shown a strong momentum to break through the previous high. However, the RSI (Relative Strength Index) has sent a warning signal, indicating that PEPE may be oversold, suggesting a risk of price reversal in the short term. Nevertheless, combined with price trends and historical data, market analysts generally believe that PEPE still has great potential for growth, and its price is expected to further climb to around $0.0000099, an increase of 23%.
What is even more striking is that PEPE presents a symmetrical triangle consolidation pattern on the weekly chart and is close to breaking through. If market sentiment remains optimistic and PEPE can successfully stand on the weekly closing price of $0.0000102, a surge of up to 65% may be staged in the near future.
In addition, trading data also revealed positive signals. According to the on-chain analysis platform, the number of open contracts for PEPE has achieved a significant increase of more than 3.5% in the past four hours, which to a certain extent reflects the gradually increasing interest of investors and traders in the currency. . Although the current trading volume of PEPE has declined, this may be a sign that the market is ready to launch a new round of offensive.
The large purchase of PEPE has undoubtedly injected a shot of adrenaline into the long-dormant cryptocurrency market. In the next few days or even weeks, PEPE's performance will undoubtedly become the focus of market attention. As for whether it can successfully lead a new bull market, it remains to be further verified over time.
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