PEPE price has seen a more than 50% rise in the span of a week and is seemingly going to continue this rally.
The meme coin has also received support from its whales, and this chunk of PEPE supply could be just the boost it needs.
PEPE Investors See Potential
PEPE price, trading at $0.00000738 at the time of writing, has witnessed massive support from its investors. These meme coin enthusiasts have added PEPE to their wallets, bolstering the ongoing rally.
A very important cohort in this process has been the whales. These large wallet holders have accumulated over 3.3 trillion PEPE worth more than $24.3 million in the last two weeks, bringing their total holdings to 46.96 trillion PEPE.
Their conviction has provided the meme coin with the necessary support to continue rising. This price increase is expected to continue as over 92 trillion PEPE are on the verge of becoming profitable to its investors.
Les mer: Pepe: En omfattende guide til hva det er og hvordan det fungerer
Worth more than $686 million, this supply was bought at between $0.00000700 and $0.00000890. Given the meme coin is currently trading at $0.00000738, it could flip this supply of PEPE into profit-bearing assets.
Consequently, it would result in the altcoin witnessing further growth in price as the potential of profits would drive more investors to the coin. This would also encourage existing PEPE holders to HODL instead of sell.
PEPE Price Prediction: A Key Barrier
PEPE price did manage to escape the descending wedge, but it is still facing a crucial barrier on its path to $0.00001000. The resistance level marked at $0.00000826 has been tested as both resistance supports in the past.
Flipping this line into support is key, as only then can the aforementioned supply have a shot at becoming profitable. This would also enable the PEPE price to rally on and test the $0.00001007 resistance, validating the 60% target obtained by the falling wedge.
Les mer: Pepe (PEPE) prisanslag 2024/2025/2030
However, if the breach fails, the PEPE price could note a drawdown to test the support at $0.00000633. Losing this as support would invalidate the bullish thesis, pushing the meme coin towards $0.00000474.
Ansvarsfraskrivelse
I tråd med Trust Project-retningslinjene er denne prisanalyseartikkelen kun ment for informasjonsformål og bør ikke betraktes som finans- eller investeringsråd. BeInCrypto er forpliktet til nøyaktig, objektiv rapportering, men markedsforholdene kan endres uten varsel. Utfør alltid din egen forskning og rådfør deg med en profesjonell før du tar økonomiske beslutninger. Vær oppmerksom på at vilkårene våre, personvernreglene og fraskrivelsene har blitt oppdatert.
Source: https://beincrypto.com/pepe-price-rally-memecoin-whales/