- In a significant move, a whale has transferred over $29 million worth of PEPE to a private wallet.
This transaction aligns with PEPE’s rebound from the support level of a bullish symmetrical pattern.
As a seasoned analyst with years of market observation under my belt, I have seen numerous whale transactions that have served as pivotal moments in the crypto space. This latest move by a whale transferring over $29 million worth of PEPE to a private wallet is no exception and has certainly raised some intriguing possibilities for this memecoin.
Although Pepe (PEPE) has been experiencing a lengthy decline as indicated by its monthly and daily graphs, it still managed to secure a small increase of 0.94% during the past seven days.
The current market outlook suggests that the memecoin could be preparing for an uptrend, with ambitions to reach or even surpass its previous high in May at around $0.00001725, and possibly continue rising further given favorable conditions are lining up.
Whale actions bring hope for PEPE
According to a recent report by Lookonchain, a major transfer of 4 billion PEPE tokens (approximately $29,868,000) was made by a whale, who is an investor with a substantial amount of tokens, from the centralized exchange Bybit into a personal wallet.
As a researcher, I’ve noticed that shifts from centralized exchanges to personal wallets often signal growing investor trust in the asset. This increased confidence could potentially trigger a scarcity situation due to reduced supply.
When the amount of a particular cryptocurrency that’s available on the market decreases significantly, a situation known as a “supply shortage” arises. This can cause the price to increase if the demand remains strong, as interested buyers scramble over a dwindling number of coins for purchase.
Regardless of the positive actions taken, PEPE‘s price change has been somewhat subdued so far, showing a decrease of 3.93% over its daily trading period. Yet, AMBCrypto predicts that an upward trend could soon emerge.
Golden crossover and symmetrical pattern position PEPE favorably
As a researcher, I’m observing an intriguing scenario with PEPE right now. It appears to be moving within the boundaries of a bullish symmetrical triangle, a technical formation defined by diagonally sloping support and resistance lines that are gradually converging, creating a triangular structure inclined in a bullish direction.
Prices tend to fluctuate between these specific ranges in this setup, usually staying there until a sudden surge or dip happens close to where all trends meet, which is often referred to as a breakout.
As a researcher, I find myself standing at an intriguing crossroads as PEPE, the subject of my study, has regained momentum and bounced back from its crucial support level – a significant factor propelling its movement. Remarkably, this rebound aligns nearly perfectly with the point of convergence, adding another layer to the intrigue surrounding its trajectory.
If a surge happens, it’s expected that the price of PEPE will return to its highest point as per the pattern’s top, which was reached in May at $0.00001725. There could also be possibilities for further increases.
Additionally, the Moving Average Convergence Divergence (MACD) serves as a crucial aid for traders, as it helps identify potential turning points in an asset’s price movement. By offering potential buy and sell signals, the MACD indicates that PEPE could see a rise in its value soon, based on the momentum of the market trend.
In simpler terms, a bullish crossover happens when the blue MACD line moves above the yellow Signal line, and this occurs alongside an increase in trading activity (volume). This pattern has been observed in the memecoin market as well, indicating that there might be an upcoming price surge.
Rising open interest in PEPE signals the potential for new highs
The level of ongoing investment in the cryptocurrency PEPE, serving as a significant gauge for retail investor involvement, has noticeably increased. This rise indicates a persistent trend of upward momentum, with the current figure standing at approximately $91.16 million, as reported by Coinglass.
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Fundamentally, an upward trend in open interests implies more contracts are being initiated without immediate settlement. This could be a positive indicator since it means fresh investments or positions are entering the market, which might hint at a bullish perspective.
If this trend maintains its current pace, a PEPE rally appears inevitable.
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2024-09-12 11:36