The crypto market has projected a nearly sideways action in December as Bitcoin price struggles to sustain above $100k. The consolidation has triggered uncertainty in the broader market with the memecoins being most affected due to their natural volatility. The Pepe coin price shows a resonating with a broadening wedge pattern, with whale buying bolster for the next recovery leap.
According to Coingecko, the PEPE’s market cap stands at $7.58 Billion, while the 24-hour trading volume is at $1.73 billion.
Key Highlights :
- A broadening wedge pattern drives the current correction trendline in Pepe coin price.
- The $0.000017 line coinciding with the 100-day exponential moving average creates a strong accumulation point.
- A crypto whale reinverted in Pepe coin with a purchase of $25.4 Million amid the current market dip.
Whale Reenters PEPE Market with $24.5M Purchase
According to Lookonchain data, a crypto whale offloaded their entire holdings of PEPE during the market dip on December 19, reaping an impressive $11.7 million in profits.
However, as market conditions stabilized, this whale reentered the market with increased investment. Over the following six days, the smart move reinvested in PEPE, accumulating a staggering 1.42 trillion tokens worth $24.5 million.
This smart whale sold all his $PEPE during the market drop on Dec 19, making a total profit of $11.7M on $PEPE!
Over the past 6 days, after the market decline, the whale accumulated 1.42T $PEPE($24.5M) again.
Address:https://t.co/hRajKVY14Rhttps://t.co/AbxrKcG4So pic.twitter.com/zBs91it2jh
— Lookonchain (@lookonchain) December 27, 2024
These translations underscore the investor’s confidence in Pepe’s future growth, bolstering the market sentiment for potential reversal.
Pepe Coin Price Poised for 77% Surge Amid Broadening Wedge Pattern
The Pepe coin price has traded sideways over the past six weeks, resonating within the formation of a broadening wedge pattern. Theoretically, the pattern drives a consolidation with two diverging trendlines, indicating an uncertain market sentiment and no clear dominance from buyers or sellers. For further insights on Pepe Coin’s price trends and how recent exchange listings shape investor sentiment, see this in-depth Pepe Coin Price analysis.
However, with the coin price trading above 100-and-200-day EMA, the broader market trend remains bullish. As whale buying bolsters the possibility of a bullish reversal, the Pepe coin price could rise 77% to challenge the overhead resistance trendline at $0.000032.
An upside breakout from a broadening wedge will offer a better confirmation of uptrend continuation.
On the contrary, a breakdown below the trendline could invalidate the recovery thesis.
