PEPE’s Price Soars After Whale Makes a Massive Purchase

The blockchain tracking firm Lookonchain tweeted this morning that Machi Big Brother, a crypto whale, recently changed another one of his addresses to purchase Pepe (PEPE). According to the post, he had bought a total of 60 billion PEPE using 52 Ethereum (ETH), worth approximately $94K, at an average buying price of $0.000001565.

The meme coin’s price has risen since then, as CoinMarketCap indicated that it was trading at $0.000001706 at press time. This is after PEPE’s price had printed a 24-hour gain of 12.46%. In addition, the altcoin strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH) during this time period as well.

At press time, PEPE was up 11.50% against BTC and 12.20% against the leading altcoin. This recent price increase can be attributed to the 158% spike in the crypto’s trading volume, which stood at approximately $394.38 million.

4-hour chart for PEPE/USDT (Source: TradingView)

PEPE was able to break above the $0.00000165 resistance level in the last 24 hours – flipping it into a support level in the process. It attempted to do the same with the resistance level at $0.00000203 yesterday evening but was only able to reach a high of $0.00000193 before correcting in the 12 hours that followed.

There was still some sell pressure present, as evident by the wick that was present above the latest 4-hour candle. Should PEPE’s price succumb to this bearish pressure it will likely drop back below $0.00000165 within the next 24 hours.

Technical indicators on the 4-hour chart did, however, suggest that this slight pullback in PEPE’s price may be nothing more than a liquidity building move before another move up. At press time, the 9 EMA line was trading bullishly above the 20 EMA line and the RSI line had a slight positive slope towards overbought territory.

If this bullish thesis is validated, then the meme coin’s price could flip the $0.00000203 resistance into support within the next 24-48 hours. A confirmation of this potential move towards the next resistance level will be if PEPE’s price closes the next 8 hours above $0.00000165.

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