The cryptocurrency market has been relatively stagnant in December, particularly with Bitcoin struggling to stay above the $100,000 mark. This has led to uncertainty in the broader market, affecting meme coins like Pepe due to their natural volatility. The price of Pepe coin has been exhibiting a broadening wedge pattern, with significant whale buying indicating potential for a future recovery leap.

Coingecko data shows that Pepe's market capitalization is currently at $7.58 billion, with a 24-hour trading volume of $1.73 billion.

Notably, a crypto whale sold their entire holdings of Pepe during a market dip on December 19, earning profits of $11.7 million. However, as market conditions stabilized, the whale reinvested in Pepe over the following six days, accumulating 1.42 trillion tokens worth $24.5 million.

These actions by the whale highlight their confidence in Pepe's future growth, which boosts market sentiment for a potential reversal.

The Pepe coin price has been trading within a broadening wedge pattern for the past six weeks. While the pattern signifies uncertain market sentiment with no clear dominance from buyers or sellers, the coin price remains above the 100-day and 200-day exponential moving averages (EMAs), indicating a bullish trend in the broader market. The presence of whale buying increases the possibility of a bullish reversal, with the Pepe coin price potentially rising by 77% to challenge the resistance trendline at $0.000032.

Confirmation of an uptrend continuation would require an upside breakout from the broadening wedge pattern.

However, if the support trendline is broken, it could invalidate the expectation of a recovery.

Overall, the market for Pepe coin and the broader crypto market in December has experienced sideways movement and uncertainty, with the potential for a bullish reversal in the future.



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