PEPE Coin soars 50% with whale support: What lies ahead?

PEPE Coin soars 50% with whale support What lies ahead

With the meme cryptocurrency PEPE increasing by over 50% in just seven days, it is a delight to observe the market retreat. The positive trend might be sustained with the current PEPE trading price of $0.00000738. This rise is due to the influence of its dedicated group of investors, particularly the whales, who frequently have big holdings and have recently shown a sizable boost in their investments.

In the last two weeks, these prominent wallet holders have mounted up to 3.3 trillion PEPE worth more than $24.3 million, which was acquired to their name at the time of writing. Consequently, their total holdings have amassed an astounding 46.96 trillion tokens, as per the most accurate Pepe price prediction. This reflects how these players demonstrated high confidence in the enormous potential of this cryptocurrency. They are known as whales, and thanks to their aggressive buying, the coin’s price has skyrocketed in the current upswing.

The potential to transform most coins into rather expensive items primarily sparks interest in PEPE. Their conviction has furnished the meme coin with the essential fortitude to sustain its ascent. It is anticipated that this price increase will persist, given that more than 92 trillion PEPE are approaching a point of profitability for their investors. This supply, which is valued at over $686 million, was acquired for a price range of $0.00000700 to $0.00000890. Considering the current trading price of $0.00000738 per meme coin, this supply of PEPE could be converted into profit-generating assets.

Given the increased potential for profit and the growing number of investors, they are more inclined to retain their investments instead of selling. In this case, the prices will likely increase even more. Nevertheless, it is essential to remember that PEPE still faces many embedded technical problems. It has just bounced off a descending wedge pattern, but now it faces resistance at $0.00000826, a critical level that has been a support and a resistance zone in its price history.

This transition from resistance to support is a critical point of inflection. If it is successful, it will not only enhance the chance of making a profit from the 92 trillion PEPE rather than reduce the chances; it will also push the digital asset to test some of the higher resistance levels, particularly at the $0.00001007 level. This step can show a 60% growth potential after a wedge pattern breakout.

Nonetheless, it is essential to be aware of these potential dangers. PEPE could potentially retreat and examine lower levels of support if it fails to surpass the current resistance level. This would result in the coin’s initial value of $0.00000633; breaching this threshold would severely erode the optimistic sentiment surrounding coins; furthermore, the coin’s worth could plummet to $0.00000474.

Advertisement

Now, the PEPE community and the investors maintain a positive attitude, boosted by heavyweight investments from authoritative sources and the possibility of making a fortune from their extensive holdings. The market will carefully observe the development of these events, and the next trading sessions are very important to see if PEPE can withstand the challenges it may face along the way.

Roxanne Williams: Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.