Key Takeaways
- PEPE surged 30% in 48 hours as whale buys, exchange outflows, and bullish technicals fueled momentum. Traders favor long positions, suggesting potential for a 22% rally toward $0.000016.
In the past couple of days, sentiment across the cryptocurrency landscape has significantly shifted toward the bullish side.
Amid this, Pepe[PEPE] has recorded impressive gains, and interest in it has been surging significantly.
Crypto whale buys 228 billion PEPE
Despite a 30% upside momentum over the past 48 hours, whales, investors, and retail traders have shown remarkable interest and confidence in the memecoin.
Recently, blockchain-based transaction tracker Lookonchain shared a post on X (formerly Twitter) stating that a whale wallet address, 0x06b3, spent $2.68 million to purchase 227.8 billion PEPE.
Source: X (Formerly Twitter)
This substantial purchase was recorded just ahead of Bitcoin reaching its all-time high.
Not only that, but exchanges have also recorded a notable outflow. According to CoinGlass data, over $9.80 million worth of PEPE has left exchanges over the past 48 hours.
Source: CoinGlass
Such an outflow of assets amid upward momentum and potential accumulation can lead to increased buying pressure and further fuel the rally.
Current price momentum
At press time, PEPE was trading near $0.000001273, having recorded an impressive 15% price uptick in the past 24 hours.
During this period, investor and trader participation has skyrocketed, leading to a 70% surge in trading volume compared to the previous day.
This increase in both price and trading volume indicates strong upward momentum and buying pressure, which could help the memecoin sustain its recent gains.
PEPE technical analysis, 22% rally incoming?
AMBCrypto’s technical analysis reveals that PEPE is now in an uptrend and is currently on its way to maximizing gains.
According to the daily chart, the memecoin has recently broken out of a prolonged descending trendline, as well as a consolidation zone, along with the 200-day Exponential Moving Average (EMA).
Source: TradingView
Following its breakout, PEPE printed three consecutive bullish green candles, signaling strong upward momentum.
If this trend continues, the asset could climb another 22%, potentially reaching the $0.000016 level.
However, a price dip may trigger a correction, with a possible retest of the breakout zone or the 200-day EMA.
Traders’ strong interest in long positions
Given the current market sentiment, traders appear to be strongly betting on long positions rather than short ones.
At the time of writing, traders were over-leveraged at the $0.00001246 level, where they have built $2.61 million worth of long positions.
Meanwhile, $0.00001296 was another over-leveraged level, with $1.65 million worth of short positions built by traders.
Source: Coinglass
This data indicates that bulls are currently dominating the memecoin, and there is a strong possibility that the asset could continue to maintain its upward momentum.
