90% Pump Coming for Pepe Coin? Whales to Decide
Key Takeaways:
PEPE weekly bull run at 82%.
Technicals point to another 90% advance ahead.
On-chain metrics show heightened whale transactions.
YEREVAN (CoinChapter.com) – Pepe Coin jumped 28% to 0.000001147 on Oct 25, continuing a “green” week of 82% gains.
PEPE in a falling wedge
Moreover, technicals paint a bullish picture for PEPE. The coin traded within a technical setup called the “falling wedge” since May. The formation features two converging trendlines that gradually drive the asset price lower.
If confirmed, the falling wedge forecasts a rally equal to the maximal distance between the trendlines. As PEPE broke above the wedge’s upper trendline, confirming the formation, the target price for the memecoin stands at $0.000002172, or 90% higher than the current value.
Additionally, the daily chart printed a golden cross between the 20-day and 50-day exponential moving averages (20-day and 50-day EMA; red and orange waves, respectively). The golden cross occurs when a short-term EMA crosses above a long-term EMA, and signifies a bullish phase ahead. Notably, it is the first golden cross on the PEPE daily chart.
Whales behind the memecoin rally
On Oct 24 the team announced that they burned nearly 7 trillion tokens worth approximately $6 million, and brought in a new team of advisers to “guide PEPE forward.”
Notably, The decision to burn tokens came after a handful of “rogue” developers executed a series of transfers out of the project’s “multisig” wallet, effectively stealing $16 million worth of Pepe, as alleged by a team member.
While the token’s price jumped 28% on Oct 25, the trading volumes dropped by 20%, indicating that only a few players could be behind the rally. On-chain metrics further confirmed the assumption, as whale transactions of over $100,000 (red) and $1 million (yellow) shot up in the previous two days, after the relative peace and quiet since late August.
Overall Network activity also woke up from its long siesta, with increasing transfer count, transfer amounts, and number of unique senders and receivers.
Additionally, PEPE could have been swept by the bullish Bitcoin wave, as investors pushed the alpha crypto past $34,700 amid the spot ETF buzz.
The post 90% Pump Coming for Pepe Coin? Whales to Decide appeared first on CoinChapter.
Filed under: Bitcoin - @ October 25, 2023 8:31 pm