While the overall cryptocurrency market has experienced a period of stagnation, Pepe (PEPE) is showing signs of potential upside. Technical analysis and the actions of significant investors are suggesting a possible reversal in the near future.
Pseudonymous trader Guardian has challenged the prevailing pessimism surrounding PEPE, emphasizing the importance of looking at the PEPE/ETH pair instead of just the PEPE/USD pair. Guardian believes that this perspective offers a more accurate view of the coin’s performance, especially for a large-cap asset. They see the current chart forming a “bullish falling wedge over support,” a pattern that signals a potential upward trend. Guardian also believes that PEPE serves as a “meme index for crypto,” meaning its performance could be a key indicator for the broader meme coin market. They are predicting ambitious targets for PEPE, with a potential short-term price surge to $10 billion and a cycle top of $60-$80 billion.
Meanwhile, blockchain analytics platform Lookonchain has identified a “diamond hand” investor who previously made a profit of $1.77 million (an 886% return) on PEPE. This investor recently reinvested 1.34 million USDC/USD to acquire 173 billion PEPE tokens, demonstrating continued confidence in the coin.
The combination of bullish signals from technical analysis and the actions of this large investor suggests that PEPE could be on the verge of a significant turnaround, especially if confidence in the cryptocurrency market begins to improve.
