PEPE Set for Breakout as Milady Whales Amass $20M
The resistance zone of PEPE appears to be on the verge of a potential change. Also, Milady whales are probably feeling pretty happy with their buys. Here is the state of the market.
PEPE, the memecoin of the month, may be about to break out of its resistance zone, according to one analyst. Pseudonymous trader Crypto Tony has identified a potential rally as market sentiment changes.
The meme token has mostly been trading horizontally since the beginning of the week. But, the pseudonymous trader believes PEPE may begin to enter an “Adam & Eve reversal pattern.” The trend is a bullish chart pattern in technical analysis. It consists of two distinct parts, the “Adam” and the “Eve.”
The first is a quick, sharp decline (Adam) followed by a more gradual curved bottom (Eve), indicating a potential trend reversal from bearish to bullish.
PEPE began surging at the beginning of May, rising 348% over two days. However, the token has done relatively little since the weekend.
Currently, PEPE is approximately 61% down from its all-time high from 11 days ago.
Milady Whales Sitting Happy
Meanwhile, since its launch earlier this month, Milady (ladys), a memecoin inspired by the Milady NFT collection, has experienced a significant price surge.
The top 10 holders of ladys tokens, known as whales, have potential profits exceeding $20 million, holding over 176 trillion ladys coins, around 20% of the total supply, based on on-chain data.
With a weighted average purchase price of $0.0000000037604 per token and the current price at approximately $0.00000012, the whales have gained 3,091%, according to CoinGecko data.
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