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- Whales offloading SPX for PEPE showed interest in it.
- PEPE price surged over 12% and exceeded the key EMAs this week.
PEPE price saw a significant surge as large investors gained interest in it. Over the last seven days, PEPE crypto noted a rise of over 12% and is preparing for a rally next.
Meanwhile, this significant price surge is primarily due to whale buying activity. As per the data from Lookonchain, a whale switched his holding from SPX and entered PEPE.
As smart money entered the memecoin, PEPE’s growth remained intact. Also, retail traders have made significant long positions to chase the bullish trend ahead.
However, the PEPE price was capped in a range for the past 20 days. It needs a push above $0.00001120 to trigger a range breakout.
Whales Shift from SPX to PEPE: A New Trend Emerging?
A whale investor has been quite active in the market lately. He made some giant transactions that have shaken the crypto world. This investor has made impressive gains by buying SPX and selling it off to PEPE.
Such trades were recently tracked via tweets, and the identified whale made $2.19 M on PEPE. Furthermore, he made $1.7M on SPX, $1.37 M on MOG, and $207 K on WOJAK.
Additionally, this indicated the increase in faith capital. This capital is hitched on the upward trajectory of PEPE crypto as registered by the major investors.
It is also evident that the particular whale has switched from buying old-fashioned tokens to memecoins such as PEPE.
PEPE Poised for Breakout: Time To Buy PEPE?
PEPE price analysis on a daily time frame indicated that the bulls anticipate a range breakout. Furthermore, they have begun to accumulate. Additionally, the growing market interest and the buying of big players gave a strong bullish conviction.
PEPE price was trading at $0.00001032 at press time. The price recorded an intraday surge of over 3.20% and a weekly surge of over 8.90%. It boasted a market cap of $4.33 Billion and was ranked the 24th largest crypto.
As the PEPE price comfortably rested above the key EMAs, it indicated that buyers had gained traction. The crypto could soon break the horizontal neckline of $0.00001100.
In a recent tweet, CryptoKnight said that the PEPE price was hovering in a narrow range. A successful break of the range would lead to an expansion candle ahead.
A successful break above the $0.00001100 would validate the range breakout. It could send the PEPE crypto toward $0.00001320. This was followed by $0.00001400 in the subsequent sessions.
The Relative Strength Index (RSI) line rested above the midline region. It noted a positive crossover, signaling a slightly bullish bias. Moreover, the Money Flow Index (MFI) gave a bullish reading. At press time, it was around 59. This represented the sustained inflows in the market.
Going forward, the Open Interest (OI) has risen over 2.40% to $160.51 Million. Alongside the PEPE price surge, the OI surge conveyed a fresh, prolonged buildup activity. It has revealed the anticipation of a price rise ahead.
The immediate support zones for PEPE were $0.00001000 and $0.00000950. At the same time, the resistance levels were at $0.00001120 and $0.00001210.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
