coinedition.com
The on-chain tracking firm Lookonchain revealed in a tweet yesterday that the notorious Pepe (PEPE) whale Machi Big Brother, known for his ability to buy PEPE low and sell high, bought 367,028 PEPE over the past 48 hours. According to the post, the purchase was valued at $583K and was executed on Binance.
Machi Big Brother bought 367,028 $APE($583K) again from #Binance after the market crash.
— Lookonchain (@lookonchain) August 19, 2023
And he accumulated a total of 1.88M $APE ($3M) from #Binance in August.https://t.co/ue6QxSTf9Z pic.twitter.com/QIOX4vjiLj
This is not the whale’s first major PEPE purchase this month, as Lookonchain revealed in a tweet on 14 August 2023 that Machi Big Brother had purchased 1.14 million APE, valued at $2.32 million, from Binance back then as well. Notably, he has accumulated a total of 1.88 million PEPE this August.
Machi Big Brother, who is good at buying $APE at lows and selling at highs, withdrew 1.14M $APE($2.32M) 3 hrs ago.
— Lookonchain (@lookonchain) August 14, 2023
From Aug 2, he started to accumulate $APE and has withdrawn 1.51M $APE (3.09M) from #Binance.
Is Now the Time to Buy $APE at the Bottom?https://t.co/eNbTtML30I pic.twitter.com/LzUsVuhW1q
At press time, the meme coin was changing hands at $0.000001118 according to the market tracking website CoinMarketCap. This was after the cryptocurrency saw its price rise 2.45% during the past day of trading. Although PEPE’s daily performance was positive, the same could not be said for its weekly and monthly performances, which were both in the red zone.
Technical indicators suggested that short-term momentum favored sellers at press time. The 9-day EMA line was positioned below the 20-day EMA line. Subsequently, the altcoin was trading between the crucial support level at $0.0000009305 and the resistance level at $0.0000013800.
If sellers continued to offload their PEPE holdings in the next week, then the cryptocurrency’s price may look to retest the $0.0000009305 support. A break below this level will then put the altcoin at risk of revisiting $0.0000008140 in the following couple of days.
However, if PEPE is able to close a daily candle above the 9-day EMA line at around $0.0000011734, then the bearish thesis will be invalidated. Should PEPE succeed in this regard, then the meme coin’s price will look to flip the $0.0000013800 resistance into support before embarking on a journey towards $0.0000019020 in the following few days.
On the other hand, if PEPE’s price is rejected by the 9-day EMA line within the next few weeks, then the altcoin will be at risk of testing the $0.0000009305 support level. Continued sell pressure may then push PEPE’s price down to $0.0000008140 as well.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.