PEPE Surges as Whales Move $7.85M; Bullish Trend Ahead?

• Pepe cryptocurrency sees a 12.94% rise; whale transfers 700 billion tokens to Binance.
• PEPE’s 9-day moving average suggests a bullish trend, with RSI nearing buying territory.
• Analysts predict a bullish PEPE price, with potential resistance at the $0.00001226 level.

Recently, the frog-themed cryptocurrency Pepe has experienced a significant uptick in market activity, with a notable increase in value over the last 24 hours. Early on Tuesday, a substantial transaction involving PEPE was detected, involving a large-scale investor, or “whale.” This investor, known by the wallet address’ 0x837′, transferred 700 billion PEPE tokens, valued at roughly $7.85 million, to the Binance trading platform.

It has been reported that this particular whale originally acquired their PEPE holdings from Binance near the end of May and is now in possession of 1.4 trillion PEPE tokens, estimated to be worth around $16.60 million. The whale’s portfolio includes a variety of Ethereum-based cryptocurrencies, with a combined value close to $32 million. Data from Arkham Intelligence indicates that the PEPE tokens constitute the largest asset in this investor’s portfolio.

Additionally, there was another major transaction involving PEPE in the previous week. On June 18, WhaleAlert reported that an impressive 1.15 trillion PEPE was transferred from the wallet labeled ‘0x344’ to Binance. These substantial transfers of PEPE by whales have led to speculation about a potential uptrend in the coin’s value.

PEPE Price Overview

As of the latest update, PEPE is being traded at a price of $0.00001167, reflecting a 12.94% rise within the last 24 hours. Although the token reached its all-time high (ATH) of $0.00001198 in late May, it subsequently experienced a downturn. However, PEPE has shown signs of a price rebound following its decline over the previous month. Data from CoinMarketCap (CMC) indicates that the token has had a positive trajectory over the last seven days, with a 10.25% increase in value.

Additionally, Pepe’s 9-day moving average is below its trading price, suggesting a bullish pattern for the cryptocurrency. Moreover, the token’s daily Relative Strength Index (RSI) is at 47.74, indicating a gradual approach towards a buying territory, as per TradingView’s data. The trading volume for the memecoin has also surged by 77.09% in the last 24 hours.

Market experts anticipate that the memecoin will likely see its price climb in the upcoming months. TradingView’s charts suggest that the memecoin may encounter resistance at the $0.00001226 level if the bullish momentum persists.

Conversely, should the market sentiment shift to bearish, the token could potentially descend to a support level at $0.00001079. Analysts at TheNewsCrypto forecast a bullish target price of $0.00004965 for Pepe in 2024. Recent significant transactions by large holders, or “whales,” have sparked expectations for another upward trend in the market for the token.