- Whale buys over 154 billion PEPE, signaling rising investor confidence.
- The falling wedge pattern points to a bullish breakout in the coming sessions.
PEPE is holding firm above a critical technical level, keeping bullish traders on alert for a possible breakout. Crypto analyst Crypto Tony shared that PEPE’s price action on the weekly chart continues to respect the 10,700 horizontal support level.Â
After a strong rebound in early 2024, the coin has retested this zone several times. The latest bounce occurred after a minor pullback, and Tony confirmed his long position depends on PEPE staying above this line.
Tony noted that a breakdown below 10,700 would shift sentiment and pressure buyers. However, as long as the coin holds this area, the bullish structure remains valid.
Traders are now watching for a move toward the 2025 local highs. Maintaining momentum above 10,700 could trigger the next leg up in PEPE’s market cycle.
Whale Accumulation Suggests Confidence in Upside
On-chain analytics platform Onchain Lens reported that a major Ethereum whale has acquired 154.29 billion PEPE tokens. The whale spent 700 ETH, around $1.72 million, executing a series of swaps on Uniswap within 23 hours. The average transaction size was approximately 20 ETH.
This whale now holds 1.38 trillion PEPE, worth about $15.2 million, across two wallets: (0xe48609b..) and (0x68de07c..). Analysts interpret this as a strategic accumulation rather than a one-time buy.
The buying spree coincided with improving technical signals, reinforcing the idea that larger investors are positioning for a breakout.
Price Approaches Breakout Zone on Lower Timeframes
PEPE’s 3-hour chart on Binance shows a falling wedge pattern, typically a bullish setup. Price currently trades at $0.00001160, just below the wedge resistance. Trading volume has risen to 581.2 billion, signaling growing interest as price tightens within the formation.
The 100 EMA and 200 EMA are located at $0.00001216 and $0.00001222, respectively, creating a confluence zone directly above. A move above this level would likely confirm a breakout, with technical targets extending toward $0.00001450. Analysts expect minor resistance at historical supply zones before reaching this level.
With price pressing against resistance and key support intact, traders are closely monitoring PEPE’s next move. If momentum holds, the structure favors an upward continuation toward previous yearly highs.
Disclaimer:Â This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
