Pepe Coin Jumps 15%: 1.52T Tokens Bought, Bullish Signals in Play

PEPE is trading at $0.00001160, up 15% for the week but down 5% in the last 24 hours. Market cap is $4.87 billion...

Quick overview

  • PEPE is currently trading at $0.00001160, experiencing a 15% increase over the week but a 5% decrease in the last 24 hours.
  • A significant whale purchase of 1.52 trillion PEPE for $16 million has shifted market sentiment to bullish, attracting retail interest.
  • Technical analysis shows PEPE has formed a shooting star pattern, indicating potential near-term exhaustion, while maintaining support above key Fibonacci levels.
  • Traders are advised to enter positions above $0.00001134 with specific targets and stop-loss levels outlined for risk management.

PEPE is trading at $0.00001160, up 15% for the week but down 5% in the last 24 hours. Market cap is $4.87 billion with daily volume of $800 million. Circulating and max supply is 420.69 trillion, fixed.

Whale Activity and Sentiment

Sentiment turned bullish after one wallet bought 1.52 trillion PEPE on Kraken for $16 million. This is one of the largest single day buys in PEPE history. Whale accumulation often brings in retail and speculation of institutions. With the burn mechanism reducing circulating supply, PEPE is getting more attention during the altcoin rotation.

Technical Analysis and Trade Setup

PEPE pulled back from $0.00001267 and formed a shooting star, a sign of near term exhaustion. It has held above the 0.382 Fibonacci at $0.00001134 and the ascending trendline from late August.

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

50-EMA ($0.00001073) is above 200-EMA ($0.00001084) so momentum may be building for a bullish crossover. Candlestick action is spinning tops, indecision but also a consolidation base. RSI is 58, cooling down from overbought but still healthy.

  • Aggressive: Enter above $0.00001134 with stop below $0.00001090, target $0.00001185 and $0.00001267.
  • Breakout: Above $0.00001267 targets $0.00001314.
  • Risk: Below 200-EMA could trigger $0.00001000.
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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