🔥Whale offloads Pepe, price surges, major correction imminent

A cryptocurrency investor purchased PEPE for just 0.035 ETH (70.4 USD) for the first buy and has sent 189.4 billion PEPE worth 4.15 billion USD to the Kraken exchange. With a profit over 100,000 times the initial investment, this is a massive gain, turning 70.4 USD into over 7.06 million USD.

Price reaction analysis of Pepe

The price of PEPE has increased nearly 6%, partly due to the positive trend of meme coins. However, the fact that a large whale sent PEPE to Kraken could signal a market reversal as large investors start to sell. The price chart shows a descending wedge pattern, often a sign of a bullish reversal, and the price has successfully broken this pattern.

The RSI is currently at 56, indicating moderate upward momentum but not overbought, allowing the price to continue rising. The current support level is around 0.00002100, while the resistance level around 0.00002200–0.00002250 needs to be broken for further price increases to be expected.

As anticipated from this pattern, the breakout of the descending wedge has triggered a bullish trend. After breaking the measured target, the price will consolidate a bit.

This is a healthy sign indicating the continuation of a bullish rally. The price may bounce and rise above the resistance at $0.00002250, aiming for $0.00002350 or higher.

If the price cannot maintain above the current support level ($0.00002100), it may revert to the $0.00002000 region.

Market outlook and potential correction

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