A significant multi-million dollar investment by a single large-scale investor has intensified the bullish sentiment surrounding Pepe (PEPE), as market data points towards a potential continuation of its recent rally. The meme coin has seen a confluence of positive signals, from massive whale accumulation to favorable technical indicators, setting the stage for a possible breakout.
Source: X (Formerly Twitter)
In a move signaling strong confidence, a crypto whale has made a substantial bet on PEPE, acquiring 228 billion tokens for approximately $2,68 million. The transaction, highlighted by the blockchain analysis service Lookonchain, occurred just as the broader cryptocurrency market began to show renewed strength, adding weight to the investor’s bullish conviction.
This large-scale purchase is not happening in a vacuum. The market is witnessing a notable trend of PEPE being moved off centralized exchanges. Over the last 48 hours, a net outflow of over $9,80 million in PEPE from exchanges has been recorded. Typically, such outflows suggest that investors are moving their assets into private wallets for long-term holding rather than keeping them ready to sell, a dynamic that can reduce available supply and increase buying pressure.
Momentum on the Charts
At the time of writing, PEPE is trading around $0,000001273, marking a significant 15% increase in the past 24 hours alone. This price action is supported by a 70% spike in trading volume, indicating robust and active participation from traders and investors.
The technical outlook further reinforces the bullish narrative. An analysis of PEPE’s daily chart reveals several key developments:
• Trend Breakout: The coin has decisively broken out of a long-standing descending trendline that had capped its price for an extended period.
• Key Level Surpassed: It has also pushed past its 200-day Exponential Moving Average (EMA), a crucial long-term trend indicator often seen by traders as the line between a bullish and bearish market.
• Sustained Growth: The breakout was followed by three consecutive daily green candles, a classic sign of strong upward momentum.
Should this momentum persist, analysts are eyeing a potential 22% rally that could take PEPE’s price to the $0,000016 resistance level. However, traders remain watchful for any potential downturn, which could see the price retest the recent breakout point or the 200-day EMA as new support.
Source: TradingView
Traders Bet on Further Gains
The sentiment among derivatives traders aligns with the positive outlook. Market data shows a clear preference for long positions, with traders accumulating $2,61 million in longs at the $0,00001246 level. This heavily outweighs the $1,65 million in short positions built at the $0,00001296 level.
This positioning indicates that the majority of leveraged traders are betting on the price to continue its ascent. The combination of a committed whale, shrinking exchange supply, strong technicals, and bullish trader sentiment creates a compelling case for PEPE’s continued upward trajectory in the near term.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
