Eth Based Meme Token PEPE Shows Signs of a Strong Recovery, Backed by Significant Whale Accumulation and Positive Technical Indicators
- 王林Original
- 2024-08-13 21:04:10254browse
Despite recent market turbulence, PEPE has demonstrated remarkable resilience, outpacing many altcoins in its rebound.
A crypto whale, known as “cookislandstrust.eth,” is making large PepeCoin ($PEPE) purchases again as the meme token shows signs of a strong recovery, backed by positive technical indicators and a bullish outlook from several analysts.
The whale's latest buying spree began during the market dip on August 5th, where they acquired a total of 420 billion $PEPE in two separate transactions, amounting to $3.13 million USDT. These purchases were made at an average price of $0.00000746, and the whale has already seen a profit of $170,000, equivalent to a 5.5% gain.
A dual whale strategy: $ETH & $PEPE
In addition to accumulating massive amounts of $PEPE, the whale also made significant investments in Ether ($ETH), purchasing nearly 3,000 ETH against 7.05 million USDT.
This dual strategy sees the whale capitalizing on both the highly volatile PEPE and the more stable Ethereum, aiming to maximize returns in the turbulent market conditions.
PepeCoin price action & technical analysis
After briefly dipping to $0.0000076 on August 11th, PEPE recovered swiftly, surging by 10% to reclaim the crucial $0.000008 support zone. This bullish move saw the meme token testing the $0.0000084 price range before settling at $0.0000082, showcasing a 2.1% increase in the last 24 hours and an impressive 36% surge over the week.
Crypto Titans, a pseudonymous analyst, has identified bullish patterns in PEPE's chart, including a bullish pennant on the daily timeframe and a bullish flag on the 4-hour chart. These patterns suggest a potential price target of $0.00000888, which would represent a 100% increase from current levels.
Even more optimistic is the outlook from Trade4ddict, another crypto trader, who believes PEPE is “gaining strength again” after a “little correction.” The trader suggests that a breakout from the current pattern could lead to a run that would not only retest key resistance levels but potentially propel the price to a new all-time high.
Some analysts are eyeing a potential 300% rally for PEPE if the token manages to reclaim key technical support levels, particularly the lower trendline of an ascending channel pattern. If successful, this could see PEPE targeting the $0.00003405 level by the end of Q3 or early Q4 2024.
On-chain analysis reveals that while some large holders are taking profits, smaller investors seem to be accumulating PEPE, potentially leading to a more distributed ownership structure. This could help stabilize price movements and reduce the influence of any single large holder.
As PEPE begins to show signs of strength, several market watchers are commenting on the token's resilience and potential. One observer notes that PEPE is “breaking below the main support level,” suggesting that an uptrend seems favorable. Others are confidently stating that PEPE is “looking to lead the memeseason,” indicating growing confidence in the token’s potential to rally and outperform in the coming weeks.
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