After experiencing a price drop of 20% in the last three days, Pepe (PEPE) the popular and third-biggest meme coin is getting significant attention from the crypto community. On August 29, 2024, a profitable PEPE trader made a big bet on PEPE once again as its price declined significantly in recent days.
PEPE Whale Turns the Sentiment Bullish
According to the on-chain analytic firm Eyeonchain, the PEPE whale wallet address “0x612e” has spent 1.34 million USDC to purchase 173 billion tokens in the last 24 hours. In October 2023, he bought 170 billion tokens and sold them in July 2024. In less than a year, he has made over $1.77 million of profit and generated over 886% of return on investment.
However, this time investors and traders are expecting a similar rally following the whales’ recent investment.
PEPE Daily and Weekly Analysis
According to the expert technical analysis, PEPE looks bullish as it has recently taken support from the rising trendline and is now heading to break the previous day’s high. However, PEPE’s Relative Strength Index (RSI) signals a potential price reversal as it is in an oversold zone.
With this bullish outlook, based on the price action and historical price momentum, there is a high possibility that PEPE could soar by 23% to the $0.0000099 level.
Additionally, PEPE is moving in a symmetrical triangle pattern on a weekly time frame and is now approaching the breakout area. If market sentiment remains bullish and PEPE closes a weekly candle above the $0.0000102 level, we may see a significant upside rally of 65% in the coming days.
Rising Open Interest and Price Analysis
At press time, PEPE’s open interest has increased by over 3.5% in the last four hours, according to the on-chain analytics firm CoinGlass. This indicates growing interest from investors and traders amid the recent price drop.
Whereas, PEPE is currently trading near the $0.0000081 level and has experienced an upside momentum of over 66.5% in the last 24 hours. Meanwhile, its trading volume has declined by 27%, indicating lower participation from traders.
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