Pepe Coin Price Trends: Unprecedented Whale Buying Spur 77% Reversal Rally Possibility?

Pepe Coin Price Eyes 77% Reversal Rally Amid Whale Buying

The crypto market has been experiencing a nearly sideways action in December as Bitcoin price struggles to sustain above $100,000. This consolidation has triggered uncertainty in the broader market with memecoins being most affected due to their natural volatility. However, the Pepe coin price is showcasing a fascinating development, displaying a broadening wedge pattern that could lead to a 77% reversal rally.

According to data from Coingecko, the PEPE’s market cap stands at $7.58 Billion, while the 24-hour trading volume is at $1.73 billion.

A key observation has emerged, as the current correction trendline in Pepe coin price is driven by a broadening wedge pattern. This unique formation indicates an uncertain market sentiment and no clear dominance from buyers or sellers. Nonetheless, with the coin price trading above both the 100-day exponential moving average (EMA) and the 200-day EMA, the broader market trend remains bullish.

The significant aspect to note is that a crypto whale has re-entered the market with increased investment in PEPE. The whale had previously offloaded their entire holdings of PEPE during the market dip on December 19, raking in an impressive $11.7 million in profits. However, as market conditions stabilized, this whale reinvested in PEPE, accumulating a staggering 1.42 trillion tokens worth $24.5 million over the following six days.

This sudden influx of investment from a significant player like a crypto whale underscores their confidence in Pepe’s future growth, bolstering the market sentiment for potential reversal.

Source: http://www.cryptonewsz.com