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Pepe Coin Price Eyes 77% Reversal Rally Amid Whale Buying
The crypto market has been experiencing a nearly sideways action in December as Bitcoin’s 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. However, in this uncertain landscape, the Pepe coin price shows a resonating broadening wedge pattern, with whale buying bolstering for the next recovery leap.
As per Coingecko, the PEPE’s market cap stands at $7.58 Billion, while the 24-hour trading volume is at $1.73 billion.
Key Highlights:
* 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 re-entered the market with an increased investment of $25.4 Million amid the current market dip.
Whale Reenters PEPE Market with $24.5M Purchase
According to Lookonchain data, a crypto whale 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 re-entered the market with increased investment.
Over the following six days, the smart move reinvested in PEPE, accumulating a staggering 1.42 trillion tokens worth $24.5 million. This translates to profound confidence from the investor in Pepe’s future growth, bolstering the market sentiment for potential reversal.
Pepe Coin Price Poised for 77% Surge Amid Broadening Wedge Pattern
The Pepe coin price has traded sideways over the past six weeks, resonating within the formation of a broadening wedge pattern. Theoretically, this pattern drives consolidation with two diverging trendlines, indicating an uncertain market sentiment and no clear dominance from buyers or sellers.
However, with the coin price trading above 100-and-200-day EMA, the broader market trend remains bullish. As whale buying bolsters the possibility of a bullish reversal, the Pepe coin price could rise 77% to challenge the overhead resistance trendline at $0.000032.
PEPE/USDT -1d Chart
An upside breakout from a broadening wedge will offer a better confirmation of uptrend continuation. On the contrary, a breakdown below the support trendline could invalidate the recovery thesis.
Source: http://www.cryptonewsz.com
