• Whale investment and a cup-and-handle pattern hinted at potential bullish momentum for PEPE
• On-chain data and declining MVRV highlighted cautious optimism

A whale’s $2.1 million investment into PEPE has sparked speculation within the crypto community. Purchasing 107.89 billion PEPE tokens at an average price of $0.0000194, the move is a sign of growing confidence in the memecoin’s potential. 

At press time, PEPE was trading at $0.00001884, following a modest 1.34% hike over the last 24 hours. However, could this significant buying pressure signal an impending rally for PEPE, or will the token face resistance that dampens its momentum?

Breaking resistance – Is a rally on the horizon?

The memecoin’s price action hinted at a potential cup-and-handle pattern forming on the daily timeframe – Often a precursor to bullish price movements. In fact, the token seemed to be approaching its critical resistance near the $0.00002189-level, as highlighted on the charts. 

Breaking this resistance could open the door for a rally towards $0.00003, significantly boosting its valuation. However, failing to surpass this level may lead to consolidation or retracement, making this a pivotal moment for the memecoin. 

Additionally, the whale’s recent entry has strengthened optimism, but sustained momentum will depend on broader market conditions.

Are new addresses driving PEPE’s growth?

On-chain data indicated a surge in new and active addresses interacting with PEPE. Over the past week, new addresses have risen by 52.79%, while active addresses have climbed by 57.35%. 

This growth can be seen as a sign of heightened interest and activity within the memecoin ecosystem. Additionally, the spike in zero-balance addresses by 79.7% revealed that many traders have been exploring the token. 

However, these

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Author: Erastus Chami