Date: Sun, Dec 08, 2024, 05:27 PM GMT
The cryptocurrency market has been shining with impressive rallies across altcoins today. However, memecoins are stealing the spotlight, and PEPE, the third-largest memecoin by market cap, is leading the charge.
PEPE is currently the top gainer in the market today, recording a double-digit surge of over 12% in the past 24 hours. At the time of writing, PEPE is trading at $0.00002665 with a market cap of $11.20 billion.
Whales Accumulation
A major driver behind today’s surge is whale accumulation. Crypto analyst @ali_charts recently reported that large holders (whales) have significantly increased their PEPE holdings. Specifically, whales added a staggering $1.14 billion worth of PEPE just yesterday.
Whale activity often plays a critical role in fueling momentum in crypto markets, as large buys reduce circulating supply and indicate confidence among big investors. This sudden spike in whale interest has sent bullish signals across the PEPE community.
Is A Rally Ahead?
PEPE’s daily chart reflects a clear uptrend as the price continues to climb along an ascending trendline, signaling strong bullish momentum. Currently, PEPE is testing a key resistance level around $0.00002663, and a breakout above the immediate resistance at $0.00002705 could further strengthen its bullish structure.
The chart highlights an upper trendline, marked as the green line, which serves as a significant level to watch. If PEPE manages to cross and close above this trendline, it could confirm a strong breakout and open the doors for further gains. In such a scenario, PEPE may rally towards the next projected target of $0.00003500, indicating a 40% upside from the current levels.
Furthermore, the MACD (Moving Average Convergence Divergence) indicator at the bottom of the chart has displayed a bullish crossover, where the MACD line moves above the signal line. This crossover suggests that buying momentum is increasing, reinforcing the possibility of sustained upward movement.
In summary, PEPE’s technical outlook appears optimistic. A decisive breakout above the key resistance of $0.00002705 and a move beyond the green trendline will confirm bullish continuation, potentially triggering the next leg upward. Failure to do so, however, may result in consolidation or a pullback toward lower support zones.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.