- Lookonchian tweeted yesterday that Machi Big Brother executed another large PEPE purchase over the past 48 hours.
- The latest purchase has taken the whale’s August accumulation to 1.88 million PEPE.
- At press time, PEPE was changing hands at $0.000001118 following a 2.45% 24-hour gain.
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.
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.
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.
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