- PEPE could soar by 40% to hit the $0.0000133-level if it closes a daily candle above $0.00000974
- PEPE’s Open Interest skyrocketed by 40%, indicating traders’ strong confidence in the memecoin
As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent developments surrounding PEPE. The U.S Presidential Election’s aftermath has been a catalyst for a broad market rally, and it seems that memecoins like PEPE are not immune to this bullish trend.
After the U.S Presidential Election concluded, there was a significant surge in the broader cryptocurrency market, bringing billions of dollars into play. With such an optimistic environment, a well-known crypto investor known for making money from meme tokens decided to take a massive risk on PEPE.
Whale adds $5 million of PEPE
On November 6, 2024, TheDataNerd’s whale transaction tracker disclosed that the wallet address “0x51C” transferred a substantial amount of 5.5 million USDT to Binance, which was equivalent to approximately 535.81 billion PEPE tokens, valued at around $5.07 million.
Previously, this significant investor was observed to have successfully invested in the meme tokens BRETT and TURBO, raking in profits amounting to $708,000 and $952,000 respectively. Prior to purchasing PEPE, it seems this whale had a knack for profitable investments.
Beyond the significant purchase, it’s worth noting that PEPE’s transaction volume also increased significantly by 32.36%. This substantial rise in activity might suggest involvement from large players like whales and investors.
Looking at the present situation and the increasing attention from whales, it seems that investing in PEPE could be an attractive option for expanding your portfolio.
PEPE technical analysis and key levels
Based on AMBCrypto’s technical assessment, the cryptocurrency PEPE appears optimistic and seems ready to launch a significant upward surge. Currently, it has shaped a bullish falling wedge chart pattern and seems about to break free.
If PEPE’s price increases and finishes a daily trading session above the $0.00000974 mark, there’s a high likelihood it could surge by approximately 40% to reach around $0.0000133 in the near future.
Currently, as I’m typing this, the memecoin is being bought and sold at a price higher than its 200-day Exponential Moving Average (EMA), suggesting a rising trend in the market.
Bullish on-chain metrics
Besides this technical analysis, on-chain metrics further supported PEPE’s positive outlook.
As I pen this down, the liquidation prices were fluctuating between $0.00000905 (on the lower end) and $0.00000979 (on the higher side). Based on data from the analytics company Coinglass, it appears that traders might have taken on too much leverage at these particular price points.
Moreover, the Open Interest for PEPE surged by an impressive 40%. Combining this with the upward trends seen in on-chain statistics, the creation of new positions suggests a high level of conviction among investors regarding the success of the memecoin.
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2024-11-07 11:03