As Bitcoin struggles to stay above $100K, the crypto market is expecting a volatile December. Consolidation has the market on edge, with memecoins particularly affected due to their volatility. Whale buying is supporting the next jump in the Pepe price’s spreading wedge formation.
According to Coingecko, PEPE has a market cap of $7.58 billion and a 24-hour trading volume of $1.73 billion.
Highlights:
The current Pepe coin price adjustment is driven by the spreading wedge formation.
The $0.000017 line and the 100-day EMA provide a strong accumulation point.
A crypto giant bought $25.4 million worth of Pepe coin during a market downturn.
Whale Returns to PEPE with $24.5 Million Purchase
According to Lookonchain statistics, a crypto whale sold all of his PEPE holdings on December 19, netting $11.7 million.
This whale returned to the market with more investment after the market stabilized. Six days later, the wise move reinvested in PEPE, raising 1.42 trillion tokens worth $24.5 million.
This smart whale liquidated all of his tokens worth $PEPE when the market dipped on December 19, netting $11.7 million!
After the market fell, the whale made $1.42 trillion back in 6 days.
Pepe Coin Price Soars 77% Amid Expanding Wedge Pattern
In an expanding wedge pattern, Pepe price has been moving sideways for six weeks. The two diverging trend lines are expected to cause price consolidation, indicating market uncertainty and no clear dominance of buyers or sellers.
Although the coin price is above the 100- and 200-day EMA, the market is still bullish. Pepe coin could gain 77% to target the upper resistance trend line at $0.000032 as whale buying fuels the bullish shift.
The breakout of the expanding wedge to the upside confirms the continuation of the uptrend.
A break below the support trend line may invalidate the recovery idea.