【Whales Sweep, Could Pepe Coin Price Increase by 7 Times?】
As December unfolds, the price of Pepe Coin (PEPE) has garnered attention due to its strong recent performance. The token has soared to several months high, sparking optimistic sentiments among investors, with the market expecting its price to potentially rise by another 7 times. Currently, 10 trillion tokens have been acquired by whales, indicating confidence in the bullish prospects of the token.
According to Santiment data, the supply of PEPE on exchanges has significantly decreased, reflecting reduced selling pressure. Meanwhile, the number of addresses holding PEPE outside of exchanges has increased, showing a rising interest from whales in the token. Historical patterns suggest that prices often rise after tokens are moved off exchanges.
Currently, PEPE's price has surpassed the key milestone of $0.00002, with a 120% increase in November. The current price is $0.00002032, slightly down 3% from the high of $0.00002524. Technical analysis shows that its weekly chart has formed a bullish engulfing pattern, indicating that prices are likely to continue rising. According to the bullish flag pattern, the potential target price for PEPE is $0.000151, which could represent a 658% increase from the breakout point.
However, if the price falls below the critical support level of $0.00001650, the bullish forecast would be invalidated, and market sentiment could shift, bringing downside risks.
Overall, the strong accumulation by whales and the reduced selling pressure in the market support the bullish outlook for PEPE, and with Bitcoin targeting a breakout above $100,000, PEPE is expected to achieve higher gains.
