PEPE has gained momentum in the memecoin market, capturing investor attention with an 18.34% increase over the past week. As the token approaches a key resistance level, traders are waiting for a breakout that may result in a 200% rally in the near future.
In an X post on Thursday, analyst World of Charts noted that a bullish pennant pattern forms on the chart, and the coin may be preparing for an upward movement. This pattern emerged on the chart in March and usually preceded a price breakout after a period of sideways trading. Currently, PEPE is testing the upper side of this pattern, and the memecoin community is waiting for a move that could potentially see PEPE soar even higher.
$Pepe #Pepe Consolidating Within Tight Range From Last Few Months After Breakout Pepe Can Start Massive Recovery Bullish Pennant Breakout Is Can Be Perfect Entry Expecting 200% After Successful Breakout pic.twitter.com/JrPcQt9V8f
— World Of Charts (@WorldOfCharts1) November 7, 2024
PEPE Wallet Profits Rise
As of press time, PEPE is trading at $0.0000108, 18.34% higher than one week ago. This upward trend has resulted in more than 243,500 wallets earning profits, as shown by IntoTheBlock data, representing around 77% of all PEPE holders. The recent gains show that the memecoin is back in focus as more investors place their bets on the cryptocurrency’s next move.
According to the analytical platform Santiment, the supply of PEPE tokens is increasing outside exchanges while decreasing on exchanges, meaning that investors are holding their tokens and waiting for a price surge. Bullish expectations usually follow this trend of reduced sell pressure.
Whale Investment Boost
Earlier, whales transferred 5.5 million USDT to Binance to purchase an additional 535.81 billion PEPE tokens, which can be bought for around $5.07 million. This buy-in indicates that institutional investors are gradually returning to PEPE even as the supply held by the top addresses has marginally reduced. This minor whale sell-off has not impacted the overall bullish sentiment of the market in any way.
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However, selling pressure across the PEPE market remains low, meaning that few token holders are willing to sell their tokens. Hyblock Capital revealed that the sell volume of PEPE reduced from 100 to 17, which shows that investors do not want to sell their tokens. The expected future returns also explain this market behavior.
The investors are focusing on buying near the crucial zone of the PEPE, and all signs show that demand is still going strong. This is because the direction that the memecoin would take in the next few days would determine the likelihood of PEPE to keep up its performance in the recent week.
