The sentiment across the cryptocurrency market has significantly changed as pro-crypto Donald Trump is again elected as the president of the United States. Amid the bullish outlook, a crypto whale who expert in making money in meme coins has made a big bet on Pepe (PEPE) meme coin.
Crypto Whale Bags $5 Million of PEPE Tokens
On November 6, 2024, the whale transaction tracker TheDataNerd made a post on X (previously Twitter) that the wallet address “0x51C” added 5.5 million USDT to purchase a significant 535.81 billion PEPE meme coin worth $5.07 million.
The transaction tracker also noted that this whale has made profits of $708k and $952k in BRETT and TURBO. This notable acquisition by this smart whale hints at a perfect buying opportunity for the PEPE meme coin.
Current Price Momentum
Currently, PEPE is trading near $0.0000092 and has experienced a price surge of 10% in the past 24 hours. During the same period, its trading volume skyrocketed by 130%, indicating heightened participation from traders and investors amid bullish sentiment.
PEPE Technical Analysis and Upcoming Levels
According to expert technical analysis, PEPE appears bullish, and it has formed a bullish falling wedge price action and is about to break it. Based on the technical analysis, if PEPE breaks this pattern and closes a daily candle above the $0.000010 level, there is a strong possibility it could soar by 35% to reach the $0.0000135 level in the coming days.
As of now, PEPE is on the verge of breaking this bullish pattern and also trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
On-Chain Metrics
Despite this bullish outlook, on-chain metrics suggest a mixed sentiment among traders. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio currently stands at 0.95, indicating a bearish sentiment among traders.
Additionally, its open interest has jumped by 7% and has been falling continuously. This declining open interest suggests the liquidation of traders’ positions after a notable upside rally or it could also indicate profit booking.
A combination of rising open interest and a Long/Short ratio below 1 signals a bearish outlook, and traders commonly follow this pattern when building short positions.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed