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Pepe Coin Price Eyes 77% Reversal Rally Amid Whale Buying
The crypto market has been displaying a near-sideways action in December as Bitcoin’s price struggles to maintain its upward momentum, lingering below the $100,000 mark. This consolidation phase has instilled uncertainty in the broader market, particularly affecting memecoins due to their inherent volatility. However, Pepe Coin’s price is mirroring this trend with a broadening wedge pattern, accompanied by whale buying that could fuel a recovery leap.
As per Coingecko data, Pepe Coin’s market capitalization currently stands at $7.58 billion, with a 24-hour trading volume of approximately $1.73 billion.
Key highlights:
* The current correction trendline is driven by the broadening wedge pattern.
* A strong accumulation point has formed around the $0.000017 line, coinciding with the 100-day exponential moving average.
* A crypto whale has reinvested in Pepe Coin with a significant purchase of $25.4 million amidst the market downturn.
Interestingly, a crypto whale had previously offloaded their entire holdings of PEPE during the market decline on December 19th, realizing an impressive profit of $11.7 million. However, as market conditions stabilized, this whale reentered the market with increased investment, accumulating a staggering 1.42 trillion tokens worth $24.5 million over the following six days.
This significant purchase underscores the investor’s confidence in Pepe Coin’s future growth, boosting the market sentiment for a potential reversal.
The Pepe coin price is poised to potentially surge by an astonishing 77% as it challenges the overhead resistance trendline at $0.000032.
Source: http://www.cryptonewsz.com
