The post Pepe Price is Ready for a New Explosive Rally Fueled by Renewed Whales’ Interest appeared first on Coinpedia Fintech News
The memecoin industry, led by frog-themed Pepe (PEPE), has been following Bitcoin (BTC) price in a renewed bullish outlook after an impressive rebound in the last 24 hours. The mid-caped memecoin, with a fully diluted valuation of about $7.2 billion and a 24-hour average trading volume of around $1.2 billion, rebounded from a crucial support level to signal bullish sentiment.
Furthermore, Pepe price, in the weekly time frame, has been on a rising trend, characterized by higher highs and higher lows.
Pepe Whales Aggressively Accumulates
As a highly liquid memecoin, with more than 380k on-chain holders, Pepe has attracted more whale investors in the past year. Moreover, Pepe is already listed on major cryptocurrency exchanges led by Binance Holdings, Kraken, OKX, and Coinbase Global, among many others around the world.
According to on-chain data analysis provided by Spot On Chain, a bullish crypto whale has withdrawn around 1.08 million Pepe units, worth around $18 million in the past two days.
What Next?
From a technical analysis standpoint, Pepe’s price has been approaching the apex of a bullish triangular pattern. In the daily time frame, Pepe’s price has rebounded from the 50 Moving Average (MA), which could lead to a major bullish rebound in the near term.
In the four-hour time frame, Pepe price, against the US dollar, has been forming a bullish pattern characterized by a rising Relative Strength Index (RSI) amid the ongoing market correction.
If Bitcoin price successfully breaks above $108k, a major resistance in the past few months, the altcoin industry will experience heightened bullish volatility. Moreover, Bitcoin dominance has been forming a macro reversal pattern, which will yield to the much-anticipated altseason.