Two whales bought a combined 560.2 billion PEPE after the price rose to $0.0000082.
After the price of Pepe (PEPE) rose to $0.00000826, Spot On Chain revealed that some large investors were buying more of the token. According to Spot On Chain’s post on X, one trader changed 3.67 million USDC and 300 WTAO (WrappedTAO) and bought 460.2 billion PEPE.
The RSI showed that PEPE was not overbought, indicating a further rise to $0.0000093.
Another trade involved in the accumulation liquidated $1.12 million of his Shiba Inu (SHIB) holdings and bought 100 billion PEPE.
More Profits on the Way?
However, this was not the only time the participants bought the meme coin. Previously, the first trader made $2.52 million from the token. The second trader also has an estimated profit of $4.27 million.
PEPE’s Uptrend May Not Be Over
The 4-hour price analysis showed that bulls capitalized on the selling pressure, and built support around the same region. Furthermore, the intense buying pressure enabled the price of PEPE to break through the $0.0000075.
Despite the hike, the Relative Strength Index (RSI) showed that buying momentum remained present and PEPE was not overbought yet. With this condition, the value of the token has the potential to rise higher than $0.0000082.
In a highly bullish case, the price of PEPE might climb to $0.0000093. However, that could also be a resistance zone for the cryptocurrency. A close above that resistance could see PEPE attempt to revisit $0.000010.
However, if the price fails to break the hurdle, PEPE’s price might be forced back to $0.0000070. However, the Auto Fibonacci extension showed that a decline might not be next.
At press time, the 0.786 Fibonacci was at $0.0000097, suggesting that the region could be a good entry point for traders looking to long or hold the token for some time.
On the upside, the 3.618 Fib level was at $0.000023, indicating that the price of PEPE might extend to that point. If the accumulation of PEPE continues to troop in and is as large as the aforementioned one, the value of the token might rally over the coming week.
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