Pepe (CRYPTO: PEPE) has seen mediocre price action in tandem with a crypto market lull, but technical analysis and whale trader movements suggest potential upside ahead.

What Happened: Pseudonymous trader Guardian challenges the prevailing pessimism around PEPE and emphasizes the importance of focusing on the PEPE/ETH pair rather than PEPE/USD. “People need to understand that the only thing that really matters (ESPECIALLY when dealing with a large cap) is the pair chart with the parent chain,” the trader stated on his social media profile.

Guardian sees the current chart forming “an extremely bullish falling wedge over support,” which they interpret as a positive sign.

The trader also highlights PEPE’s role as a “meme index for crypto,” suggesting its performance is crucial for the broader meme coin market. Guardian predicts ambitious targets for PEPE, projecting “$10 billion short term, and $60-$80 billion as a cycle top.”

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Lookonchain reported on a “diamond hand” investor who previously made a profit of $1.77 million (an 886% return) on PEPE. Interestingly, this same trader has recently reinvested 1.34 million (CRYPTO: USDC) to acquire 173 billion PEPE tokens.

This trader’s history with PEPE is noteworthy. Lookonchain details, “This trader spent 200,000 USDC to buy 170B PEPE on Oct. 25, 2023 and held it until Jul. 25, 2024, when he sold it for 1.97M USDC, making a profit of $1.77M(+886%)!”

The potentially bullish signals in the charts, coupled with the the actions of the “diamond hand” trader suggest PEPE may be headed for a reversal if confidence in the crypto markets picks up again.

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