Pepe (PEPE), the world’s third-largest meme cryptocurrency, has been making waves in the crypto space with its recent performance and is poised to continue its rally. Potential reasons for PEPE’s bullish outlook include its current price action, notable whale interest, and prevailing market sentiment.
Whale Adds 310 Billion PEPE Tokens to Its Holdings
With all these bullish parameters, today, November 22, 2024, a whale transaction tracker TheDataNerd posted an article on X (formerly Twitter) that a new whale had acquired 309.6 billion PEPE meme tokens worth $6.42 million from KuCoin.
However, this buyback comes as the meme coin breaks out of a bullish price pattern, signaling a perfect buying opportunity for the crypto community.
Whales rarely accumulate tokens when an asset's price is near its all-time high (ATH). However, the current involvement of whales and investors shows their confidence in the meme coin and suggests that the price will increase further.
In addition to these notable acquisitions, data from on-chain analytics firm IntoTheBlock shows that whales and institutions have shown strong interest in PEPE. Over the past 24 hours, the meme coin’s trading volume has spiked 41.06%.
PEPE Technical Analysis and Upcoming Levels
According to the expert’s technical analysis, PEPE has broken out of the bullish flag and pole price pattern and is now heading towards a new all-time high (ATH). Based on the current price action and historical price momentum, if PEPE closes the daily candle above $0.000022, there is a high possibility that it could surge 60% to $0.000035 in the coming days.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that the asset is in an uptrend. Meanwhile, the Relative Strength Index (RSI) shows that there is still room for an upside move in the coming days.
Current price momentum
Despite the bullish price action, PEPE is currently trading near $0.000020 and has lost 4% in the past 24 hours. During the same period, its trading volume has decreased by 2.38%, indicating reduced participation from traders and investors compared to the previous day.
