Pepe (PEPE), the world’s third-largest crypto meme coin, has been making waves in the cryptocurrency realm with its recent performance and is poised to continue this rally. The potential reasons for PEPE’s bullish outlook include its current price action, notable whale interest, and prevailing market sentiment.
With all these bullish parameters, today, November 22, 2024, a whale transaction tracker TheDataNerd made a post on X (previously Twitter) that a fresh whale acquired a significant 309.6 billion PEPE meme tokens worth $6.42 million from KuCoin.
However, this acquisition occurred when the meme coin broke out of a bullish price action pattern, hinting at a perfect buying opportunity for the crypto community.
Whales rarely accumulate tokens when an asset’s price is near its all-time high (ATH). However, the current participation by whales and investors signals their confidence in the meme coin and suggests further price appreciation.
In addition to these notable acquisitions, data from the on-chain analytics firm IntoTheBlock revealed that whales and institutions have shown strong interest in PEPE. Over the past 24 hours, the large transaction volume of the meme coin has surged by 41.06%.
According to expert technical analysis, PEPE has broken out of a bullish flag and pole price action pattern and is now heading toward a new all-time high (ATH). Based on current price action and historical price momentum, if PEPE closes a daily candle above the $0.000022 level, there is a strong possibility it could soar by 60% to reach the $0.000035 level in the coming days.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests there is still room for a price surge in the coming days.
Despite the bullish price action, PEPE is currently trading near $0.000020 and has experienced a 4% price decline in the past 24 hours. During the same period, its trading volume dropped by 2.38%, indicating reduced participation from traders and investors compared to the previous day.
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