bullish

Donald Trump

Million

<p>The sentiment across the cryptocurrency market has significantly changed as pro-crypto <a href="https://coinpedia.org/price-analysis/whats-the-future-of-political-memes-as-donald-trump-wins-election/" rel="noopener noreferrer nofollow">Donald Trump</a> is again elected as the president of the United States. Amid the bullish outlook, a crypto whale who expert in making money in meme coins has made a big bet on Pepe (PEPE) meme coin.</p>  
<h2 class="wp-block-heading" id="h-crypto-whale-bags-5-million-of-pepe-tokens-nbsp"><strong>Crypto Whale Bags $5 Million of PEPE Tokens&nbsp;</strong></h2>  
<p>On November 6, 2024, the whale transaction tracker TheDataNerd made a post on X (previously Twitter) that the wallet address “0x51C” added 5.5 million USDT to purchase a significant 535.81 billion PEPE meme coin worth $5.07 million.&nbsp;</p>  
<figure class="wp-block-embed">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/OnchainDataNerd/status/1854070740267810840
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</figure>  
<p>The transaction tracker also noted that this whale has made profits of $708k and $952k in BRETT and TURBO. This notable acquisition by this smart whale hints at a perfect buying opportunity for the PEPE meme coin.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>Currently, PEPE is trading near $0.0000092 and has experienced a price surge of 10% in the past 24 hours. During the same period, its trading volume skyrocketed by 130%, indicating heightened participation from traders and investors amid bullish sentiment.</p>  
<h2 class="wp-block-heading" id="h-pepe-technical-analysis-and-upcoming-levels-nbsp"><strong>PEPE Technical Analysis and Upcoming Levels&nbsp;</strong></h2>  
<p>According to expert technical analysis, PEPE appears bullish, and it has formed a bullish falling wedge price action and is about to break it. Based on the technical analysis, if PEPE breaks this pattern and closes a daily candle above the $0.000010 level, there is a strong possibility it could soar by 35% to reach the $0.0000135 level in the coming days.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/06213627/PEPEUSDT_2024-11-06_21-36-22.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/06213627/PEPEUSDT_2024-11-06_21-36-22-1024x449.png" alt="" class="wp-image-376777"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>As of now, PEPE is on the verge of breaking this bullish pattern and also trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.</p>  
<h2 class="wp-block-heading" id="h-on-chain-metrics-nbsp"><strong>On-Chain Metrics&nbsp;</strong></h2>  
<p>Despite this bullish outlook, on-chain metrics suggest a mixed sentiment among traders. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio currently stands at 0.95, indicating a bearish sentiment among traders.</p>  
<p>Additionally, its open interest has jumped by 7% and has been falling continuously. This declining open interest suggests the liquidation of traders' positions after a notable upside rally or it could also indicate profit booking.&nbsp;</p>  
<p>A combination of rising open interest and a Long/Short ratio below 1 signals a bearish outlook, and traders commonly follow this pattern when building short positions.</p>

Whale Buys $5 Million of PEPE, Bullish Signal or Market Risk?

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