The crypto market has projected a nearly sideways action in December as Bitcoin price struggles to sustain above $100k. The consolidation has triggered uncertainty in the broader market with the memecoins being most affected due to their natural volatility. The Pepe coin price shows a resonating with a broadening wedge pattern, with whale buying bolster for the next recovery leap.
According to 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 reinverted in Pepe coin with a purchase 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, reaping an impressive $11.7 million in profits.
However, as market conditions stabilized, this whale reentered 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 smart whale sold all his $PEPE during the market drop on Dec 19, making a total profit of $11.7M on $PEPE!
Over the past 6 days, after the market decline, the whale accumulated 1.42T $PEPE($24.5M) again.
Address:https://t.co/hRajKVY14Rhttps://t.co/AbxrKcG4So pic.twitter.com/zBs91it2jh
— Lookonchain (@lookonchain) December 27, 2024
These translations underscore the investor’s confidence 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, the pattern drives a 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.
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.
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