PEPE Coin Price Rally to Continue Amid Whale Activity

Over the last week, a PEPE whale has been smartly scooping the supply, accumulating nearly 2 trillion PEPE from the open market. As of April 30, a crypto whale with $147 million worth of assets withdrew a staggering 1.5T PEPE coins from crypto exchange Binance. Earlier today, the same whale entity withdrew an additional 500 billion from Binance.

Additionally, the CoinGlass data the PEPE open interest has shot up by 6.6% to more than $434 million, hinting at high trader interest for the meme coin. Furthermore, amid today’s PEPE price surge, the 24-hour liquidations have soared to $1.57 million, of which $1.45 million is in short liquidations.

A Look Into the Technical Chart Pattern

The PEPE coin chart forms a bullish engulfing candle and completes a morning star pattern, a classic indicator of potential trend reversal. PEPE has broken past the 23.60% Fibonacci retracement level at $0.00000823 and is now eyeing the key resistance at $0.0000090.

Additionally, the evolving trend reveals the formation of a cup and handle pattern, signaling the potential for further upside in the meme coin’s price trajectory.

A confirmed daily candlestick close above the neckline will validate the breakout from the cup and handle pattern, potentially driving PEPE toward a price target of $0.000001465, aligning with the 61.80% Fibonacci level.

Trading above $0.0000075, PEPE maintains a bullish outlook as indicated by the Supertrend Indicator.

Meanwhile, the MACD and signal lines suggest an impending crossover, signaling a resurgence in bullish momentum. Conversely, if PEPE fails to break above the neckline, it may face another pullback, potentially retesting the support level at $0.0000075.