news 
Pepe Coin Price Eyes 77% Reversal Rally Amid Whale Buying
The crypto market has recently displayed a nearly sideways action in December as Bitcoin price struggles to sustain above $100k. This consolidation has triggered uncertainty in the broader market, with memecoins being most affected due to their natural volatility. Notably, the Pepe coin price shows a resonating with a broadening wedge pattern, with whale buying bolstering the next recovery leap.
According to Coingecko, the PEPE’s market cap stands at $7.58 Billion, while the 24-hour trading volume is at $1.73 billion.
A broadening wedge pattern drives the current correction trendline in Pepe coin price. The $0.000017 line coinciding with the 100-day exponential moving average creates a strong accumulation point.
A crypto whale has reinverted in Pepe coin with a purchase of $25.4 Million amid the current market dip. This substantial investment bolsters the possibility of a bullish reversal.
A recent transaction analysis by Lookonchain data reveals that a smart move offloaded their entire holdings of PEPE during the market dip on December 19, reaping an impressive $11.7 million in profits. However, as market conditions stabilized, this smart whale reentered the market with increased investment. Over the following six days, they reinvested in PEPE, accumulating a staggering 1.42 trillion tokens worth $24.5 million.
This transaction underscores the investor’s confidence in Pepe’s future growth, bolstering the market sentiment for potential reversal.
The Pepe coin price is poised to surge by a whopping 77% amid the broadening wedge pattern and whale buying.
Source: http://www.cryptonewsz.com
