The cryptocurrency market is slowly turning away from the turbulent phase, especially as Pepe Coin and other tokens show signs of recovery. With returning investor interest, whale activities, and a bullish pattern, the PEPE price has surged 7% in the last 24 hours, surpassing many of its competitors. However, analysts believe this is just the beginning and a 215% rally is in formation. Let’s discuss this.
Pepe Coin Price Surged as Whale Bought $4.3M PEPE
With the Bitcoin price surge, the remaining market also sees an influx of investors, including Pepe Coin. The institutional investors, or whales, are boldly moving in the meme coin market, where three primary whales purchased 689.79 billion tokens ($4.3M), influencing the price surge.
The breakdown of the buying per Lookonchain post is as follows:
Wallet 0x7A7D spent 1,413.4 ETH ($2.72M) to acquire 437.7B PEPE.
Wallet 0x9212 spent $1M for 158.58B PEPE.
Wallet 0x7779 spent 299 ETH ($574K) for 93.51B PEPE.
In addition, there are many more buyers, but the intensity of these buys reveals confidence in the big investors. Such activities often lead to bullish momentum.
Pepe Coin Price Surge & Supporting Actors
PEPE currently trades at $0.000006319, reflecting a 6.53% increase in the last 24 hours. More importantly, it is up 16% from its bottom of $0.000005326 due to the recent downtrend. Its market cap is $2.65 billion, with a trading volume of $885.06M.
While these figures indicate growing interest, it is still below its 200 EMA, meaning a full-fledged bull run has not yet been confirmed. Analysts believe that the key support level to watch is $0.0000062, and if the PEPE maintains this level, it could result in an uptrend.
What’s Coming Next for PEPE: 215% Surge or Downtrend?
The Pepe Coin price trajectory still seems bearish, considering most moving averages are showing net negative values. More importantly, the meme coin is moving toward the WO support zone. This could either result in a short-term uptrend or a further downtrend. Interestingly, crypto analyst Max points out that the buy volume is increasing while the sell volume is subsiding, creating a bullish divergence.
With that, the PEPE is preparing for a potential 60% move for a breakout or breakdown. If things go well, the token may witness a surge, but a short-term brief could happen before bullish momentum builds.
Another analyst’s finding reveals that the PEPE may continue to fall in the short term, potentially testing lower supports before finding a strong reversal point. Once the buying pressure increases and the trend shifts, the token could move toward the Stage 2 resistance ($0.000012), marking a 90% increase from the current price.
The continuity of momentum can lead to the Stage 3 level, resulting in the 200-300% breakout. A full breakout to $0.00002 would mark a 215% surge from the current levels. However, this is anticipated data and would require a high trading volume and bullish investor sentiments.
Investors must track the RSI movement and the breakout confirmation, as the short-term outlook is bearish, but the continuity of this pattern would result in a 215% rally.
Should You Buy PEPE Now?
The whale accumulation and analysts’ long-term bullish outlook show Pepe Coin is a buying opportunity. However, the risk of uncertainty and market volatility remains. Things could go wrong with the possibility of liquidation amid the crypto market downturn.
Considering the possibility of bullish momentum, the PEPE price could surge significantly, as seen in previous cycles. Investors can opt to eye this token and make a move once the bullish trend is confirmed.
The post Pepe Coin Leads the Meme Coin Recovery Amid Whale Buying: Can PEPE Price Surge 215%? appeared first on CoinGape.
