PEPE rebounded strongly after the huge shock, and the mysterious whale gambled on the future with 1.34 million USDC
After experiencing a price decline of up to 20% for three consecutive days recently, the highly anticipated third largest meme token, Pepe, is gradually becoming the focus of heated discussion in the field of cryptocurrency. On August 29, 2024, an investor who is well versed in PEPE trading once again decisively increased his holdings at a time when the market was sluggish. This move undoubtedly cast a bullish vote for the future trend of PEPE.
It is known that a mysterious whale wallet "0x612e" spent $1.34 million in stablecoins in the past 24 hours to purchase 173 billion PEPE tokens. Its unique investment vision is amazing. Back to October 2023, the whale first deployed PEPE, purchased 170 billion tokens, and successfully cashed out in July this year, earning more than $1.77 million in profits in just one year, with an astonishing return on investment of 886%.
From a technical perspective, PEPE shows strong bullish signals. It has successfully stood above the key support of the rising trend line and is ready to break through the previous high in one fell swoop. However, it is worth noting that its relative strength index has entered the oversold area, suggesting that there may be a risk of price correction in the short term. Despite this, based on current market sentiment and historical trend analysis, PEPE is still expected to achieve a gain of about 23% and hit a new high of $0.0000099.
On the weekly chart, PEPE is even more presenting a symmetrical triangle consolidation pattern, which is gradually approaching the critical point of breakthrough. If market sentiment can continue to remain optimistic and PEPE's weekly closing price can successfully stand above the key resistance level of $0.0000102, then in the next few days, we are expected to usher in a feast of up to 65%.
In addition, PEPE's open interest has achieved a significant increase of more than 3.5% in the past four hours. This data directly reflects that during the price adjustment period, the enthusiasm of investors and traders has not diminished, but has become increasingly high. Although the current trading price of PEPE is hovering around $0.0000078, its increase in the past 24 hours has exceeded 66.5%, showing a strong rebound momentum. Although the trading volume has slightly declined, the decline is about 27%, which may be the market waiting for a clear signal and ready to go.
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