PEPE price jumped by 50%: what next
PEPE price broke out of the falling wedge
The whales' actions were the driving force behind the rally.
PEPE price has risen more than 50% in a week and looks set to continue its rally.
The popular memecoin once again attracted the attention of whales, who took action and bought several trillion coins in a short period of time.
Investors see potential in memcoin
According to data from analytics platform Santiment, over the past 2 weeks, whales have amassed more than 3.3 trillion PEPE worth about $24.3 million, bringing the total balance to 46.96 trillion tokens.
The actions of large investors provided memcoin with the necessary support. However, the rally may be delayed as more than 92 trillion is on the verge of profit.
The value of the tokens, purchased at prices between $0.00000700 and $0.00000890, is more than $686 million. Their transition into the “green zone” will potentially attract more investors to the asset, which will push the price of PEPE even higher.
PEPE Price Forecast: Key Barrier
Although PEPE managed to break out of the descending wedge, it faces another major barrier on its way to $0.00001000. The $0.00000826 level has been tested as support and resistance in the past, so a confident fixation above it will allow memcoin to continue its rally and test the $0.00001007 mark.
However, if the breakout fails, the asset risks falling to $0.00000633. Losing this support will take away the strength of the bullish thesis and push the coin towards $0.00000474.
