TLDR
Crypto whale “cookislandstrust.eth” bought 420 billion PEPE tokens worth $3.13 million
PEPE price recovered 10% after recent dip, showing resilience
Analysts predict potential 100-300% price surge for PEPE
Whale activity and technical analysis suggest bullish outlook for PEPE
PEPE’s performance outpaces many altcoins during market recovery
Eth based meme token PEPE shows signs of a strong recovery, backed by significant whale accumulation and positive technical indicators. Despite recent market turbulence, PEPE has demonstrated remarkable resilience, outpacing many altcoins in its rebound.
A crypto whale identified as “cookislandstrust.eth” has made waves in the PEPE market, accumulating a staggering 420 billion PEPE tokens worth $3.13 million USDT in two strategic transactions. This aggressive buying spree, which began during the market dip on August 5, has already yielded a profit of $170,000, equivalent to a 5.5% gain.
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!
In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5 and 2 hours ago, now making $170K (+5.4%).
The whale also spent 7.05M $USDT… pic.twitter.com/QVnbW5AGYz
— Spot On Chain (@spotonchain) August 12, 2024
The whale’s confidence in PEPE didn’t stop there. On the same day, they also invested in nearly 3,000 Ether against 7.05 million USDT, showcasing a diversified approach to capitalizing on market volatility.
This dual investment strategy in both the highly volatile PEPE and the more stable Ethereum highlights the whale’s calculated moves to maximize returns in turbulent market conditions.
PEPE’s price action has been equally impressive. Following a brief dip to $0.0000076, the token surged by 10%, reclaiming the crucial $0.000008 support zone. This recovery saw PEPE testing the $0.0000084 price range before settling at $0.0000082, representing a 2.1% increase in the last 24 hours and an impressive 36% surge over the week.
Crypto Titans, a pseudonymous analyst, has identified bullish patterns in PEPE’s chart, including a bullish pennant on the daily timeframe and a bullish flag on the 4-hour chart. These patterns suggest a potential price target of $0.00000888, which would represent a 100% increase from current levels.
Even more optimistic is the outlook from Trade4ddict, another crypto trader, who believes PEPE is “gaining strength again” after a “little correction.” The trader suggests that a breakout from the current pattern could lead to a run that would not only retest key resistance levels but potentially propel the price to a new all-time high.
$PEPE is gaining strength again after we had a little correction
My setup is still valid and I'm still in long position, aiming for 3000 and above
Next step is a breakout of descending broadening wedge. This would also be the time to add to longs
https://t.co/pZVEFObAkd pic.twitter.com/13nK8EJk5H
— Trade4ddict (@Trade4ddict) August 12, 2024
Some analysts are even eyeing a potential 300% rally for PEPE, contingent on the token reclaiming key technical support levels, particularly the lower trendline of an ascending channel pattern. If successful, this could see PEPE targeting the $0.00003405 level by the end of Q3 or early Q4 2024.
The bullish sentiment surrounding PEPE is further supported by on-chain data. While some large holders have been taking profits, smaller investors seem to be accumulating, potentially leading to a more distributed ownership structure. This could help stabilize price movements and reduce the influence of any single large holder.
Market watchers are also noting PEPE’s strong comeback after “breaking below the main support level,” suggesting that an uptrend seems favorable.
Some even see PEPE as “looking to lead the memeseason,” indicating growing confidence in the token’s potential to outperform in the coming weeks.
The post Pepe Coin Price: Analysts Project 100-300% Surge Based on Technical Indicators & Whale Activity appeared first on Blockonomi.
