Cryptocurrency millionaire sharply raised the price of PEPE memo token by 90%

Cryptocurrency analysts note that over the past seven days, the price of the PEPE meme coin has been rising along with the rest of the market. One of the reasons for the rally was the increased interest of traders in the asset: the whale, which had previously made a large-scale transaction with the meme coin and recorded a profit of $ 11.47 million, bought 3.43 trillion PEPE again.

PEPE reached an all-time high on May 5, when the coin was fixed at $ 0.44. Since then, the token’s price has been falling steadily. The decline was rapid and by June 10, the virtual asset was worth $ 0.8. Since then, PEPE has been moving upward, and the acceleration of the rate of the next growth was recorded on June 21.

Traders give PEPE a bullish outlook. The chart shows that on June 15, the price of the meme-coin began a new 5-wave rise. If the calculation is correct, the price is currently approaching the top of the third wave (it is marked in white on the chart). Thus, the upward movement may continue to the next resistance at $ 0.21 after a short-term drop.

In addition, the price has broken off the downward resistance line that has existed since May 13. This confirms the possibility of a new upward movement of the virtual asset.

Despite the bullish outlook, if the cryptocurrency falls below the high of the first wave (marked with a red line on the chart) at $ 0.10, it will mean that the trend has changed to a bearish one. In this case, the price of PEPE will break through the $ 0.8 area and fall to $ 0.5.

At the time of writing, PEPE is trading at $ 0.1 576 with a market capitalization of $ 663.2 million. Traders have made daily trading deals worth $ 725 million.

Just two days ago, the meme coin was showing a 40% increase in value. As for all the successes of Ripple in June, the meme token was ranked 71st among the best digital assets by market capitalization. In 2 months from the launch date (April 18), RER has managed to grow by 2497%. After growing by 40% per day, the token reached a monthly high.