Whale Buys $16M in PEPE, 16% Jump: Can Symmetrical Triangle Fuel $0.000014 Breakout?

Pepe (PEPE) up 16% in 24 hours to $0.000012 after a whale bought 1.52 trillion tokens worth $16 million from Kraken...

Quick overview

  • Pepe (PEPE) surged 16% in 24 hours to $0.000012 following a whale purchase of 1.52 trillion tokens worth $16 million.
  • The rally is supported by the ongoing altcoin season, with smaller tokens outperforming Bitcoin and attracting retail traders.
  • Key factors driving the momentum include strong community sentiment, a token burning mechanism, and bullish technical indicators.
  • A close above $0.0000126 could signal further price increases, targeting levels up to $0.0000163.

Pepe (PEPE) up 16% in 24 hours to $0.000012 after a whale bought 1.52 trillion tokens worth $16 million from Kraken. This is one of the largest purchases in Pepe’s history and has sparked momentum in the memecoin space.

Whale activity is a powerful catalyst. When tokens are removed from exchanges it reduces selling pressure and shows long term conviction. Retail traders follow these moves because large investors may have insight into future price action.

Altcoin Season Boosts Meme Coins

Pepe’s rally is also riding the altcoin season wave where smaller tokens outperform Bitcoin. The Altcoin Season Index has just broken above 70, showing capital rotation from big coins into high risk high reward plays like PEPE.

Community driven sentiment and a token burning mechanism that gradually reduces supply has amplified the effect. These features continue to make Pepe one of the most watched meme coins in the market today.

Key drivers behind the rally:

  • Whale bought 1.52 trillion tokens worth $16 million
  • Altcoin season rotation into smaller cap coins
  • Strong social sentiment and community support
  • Supply reduction through token burning

Pepe (PEPE) Technical Outlook: Symmetry Signals a Move

From a technical standpoint Pepe has formed a symmetrical triangle on the daily chart, a pattern that often precedes big moves. Price is testing the 50 day EMA at $0.0000107 and the 200 day EMA at $0.0000123.

Pepe Price Chart - Source: Tradingview
Pepe Price Chart – Source: Tradingview

A close above $0.0000126 would confirm the break, potentially targeting $0.0000141, $0.0000153 and $0.0000163 if momentum continues. Support is at $0.0000100 and $0.0000093 where the trendline and previous swing lows converge.

The candlestick structure is also bullish. A series of long green candles is a three white soldiers pattern, a classic reversal. The RSI is at 67, showing strong momentum with room to run before overbought.Long above $0.0000126, stop $0.0000107. For noobs, just means PEPE is at the ceiling and if it breaks through, it will go fast.

ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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