Whales are making big bets on PEPE—can the memecoin break through $0.00002180 with this momentum?
As the market cap of cryptocurrency reaches $3.5 trillion, PEPE rises by 14%, becoming one of the top five currencies with the largest gains.
Traders have opened long positions worth $15.94 million near $0.00001611, showing confidence in key liquidation levels.
Pepe [PEPE] is a popular crypto memecoin that has attracted widespread attention from crypto enthusiasts due to its recent performance and bullish price trend.
With a 14% increase, the memecoin has become one of the top five currencies with the largest gains in the cryptocurrency market, attracting a significant participation from large whales.
Current market sentiment
As of May 23, the total market cap of cryptocurrencies increased by 4.53%, reaching $3.5 trillion. This broad rise has naturally boosted major altcoins, and PEPE has also seized this momentum.
The surge in trading volume indicates increasing interest from large whales, and their confidence in the memecoin is also growing.
CoinGlass reveals that, in addition to whale participation, traders are also aligning with the current market sentiment.
Data shows that traders' leverage is too high, with support at $0.00001399 and resistance at $0.00001611.
At these levels, traders have established long positions worth $15.94 million and short positions worth $3.28 million near key liquidation levels.
Price is gaining support, with increased trading volume.
As of the time of writing, PEPE is trading close to $0.00001555, with a daily increase of 14%. Trading volume surged by 11%, further consolidating the strong momentum of this trend.
Price has successfully held above the support level of $0.00001485, which has now become a recent base.
According to technical analysis from AMBCrypto, PEPE looks bullish as the recent price surge has pushed the memecoin above key resistance levels, placing it on the verge of significant gains.
If the memecoin stays above $0.0000145, it is very likely to continue its upward momentum and soar by 35%, potentially reaching $0.000021 in the near future.