Key Insights:
- Whale transferred 1T PEPE to Binance, worth $11.65M, signaling strategic activities
- PEPE develops fifth bull flag, the previous ones resulted in +1120% gains in previous cycles.
- The chart structure resembles the previous one, and the anticipated targets lie between 0.00001992 – 0.00002529
A major deposit of 1 trillion PEPE tokens by a crypto whale has sparked fresh speculation on the meme coin’s price trajectory. With the whale moving around $11.65 million in PEPE to Binance, technical analysts are on the lookout in case of a breakout. This whale transfer is accompanied by bullish chart formations, and that means that PEPE might be ready to soar once again.
Whale Deposit Stokes Bullish Sentiment for PEPE Price
A massive 1 trillion PEPE tokens into Binance, tracked around 13 hours ago, has caught attention due to its size and timing. The Data Nerd believed this massive transfer appears to be a measure, rather than an indication of mass selling.
With the current price of the tokens, the loss for the whale would have only been about $867,000. The whales and risk management appear to explain the decision to sell and keep part of the holdings.
Notably, the wallet has not sold its 1.21 trillion PEPE tokens yet, with a value of $13.93 million, and this shows that the whale is looking to remain exposed to the potential on the upside.
The wallet had bought 2.21 trillion PEPE tokens earlier at an average price of $0.00001251, and the recent transfer was a partial exit. It could also be regarded as a method of maintaining some of the position in the event of further rising prices, while also locking in good profits.
Despite the small realized loss, the remaining holdings suggest that the whale is positioning itself for another potential rally, indicating optimism for PEPE future price action.
Bull Flag Pattern Hints at Breakout in PEPE Coin Price
The present chart configuration of PEPE price depicts a bull flag, which is a repetitive bullish formation seen in previous rallies. Historically, this trend has resulted in huge price gains, such as +190%, +1,120%, +330%, and +370%. The emerging fifth bull flag is an indication that PEPE price could be about to break out once again.
According to Bitcoinensus, the PEPE chart showed an uptrend in the form of a staircase. Every time PEPE price rose, a flag channel was formed, followed by a breakout that sent its price rising fast. Unlike many other meme coins, PEPE price action has demonstrated technical resilience.
Strong support and resistance, along with steady trading, usually lead to big gains in the price of cryptocurrency.
The flag is almost at the point where previous rallies started. Volume is building up, which points out that traders are starting to gather for an expected big move. If the structure holds, PEPE price could see another explosive price movement, similar to past bull flags.
Analyst Predict 100% Rally for PEPE Coin Price
Analyst CryptoSmith0x claimed that PEPE price is currently replicating a pattern that recently prompted a 100% gain in six days. This formation is similar to the historical motions, where PEPE is again swinging in a rising channel. The cryptocurrency is sitting above the important moving averages EMA 21 and SMA 33, which shows the bullish trend is still on.
PEPE coin price has consistently bounced off key trendlines and moving averages in the past, signaling trader confidence and algorithmic support at these levels. The consolidation within the rising channel is significant at the moment, as it resembles the state before the last 100% advance. According to analysts, PEPE price may encounter sellers around $0.00001992 to $0.00002529, and these levels will be critical in dictating the direction the price can go further.
Technical Indicators Support PEPE Price Surge
Several technical indicators also show that PEPE price may be in a good position to generate further gains. Relative Strength Index (RSI) is currently at 65, showing rising bullish strength without yet entering overbought territory. This confirms that the market is yet to experience sufficient pressure to cause the prices to appreciate to the upper limit.
Furthermore, the Volume-Weighted Average Price (VWAP) shows increasing buying pressure, suggesting a potential breakout. The Moving Average Convergence Divergence (MACD) has also crossed above the signal line, confirming positive momentum.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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