Key Insights:

• Pepe Coin’s market capitalization and trading volume skyrocketed after its debut on Binance.
• A significant player made a massive profit by strategically buying and selling Pepe coins.
• Technical analysis indicators suggest bullish momentum, but traders should remain cautious of possible resistance levels.

On May 5th, PEPE Coin debuted on the Binance exchange, and within 24 hours, it skyrocketed to an all-time high of $0.000004354, starting from a trading price of $0.000001977.

Within 24 hours of its listing, a significant player in the cryptocurrency market purchased a whopping 4.23 trillion $PEPE coins with 422 $ETH and 200K $USDC, amounting to $15.6 million. The buyer then transferred all of the $PEPE to Binance, where they had an average purchasing cost of $0.0000002535. In a strategic move, the investor sold their holdings on the exchange and earned a staggering $14.5 million profit.

This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.

His average buying cost is $0.0000002535, and the profit is ~$14.5M now!

He may sell after opening trading, watching out for the price change.?? pic.twitter.com/7UoNYG9PJb

— Lookonchain (@lookonchain) May 5, 2023

As the market experienced a surge, Pepe’s market capitalization skyrocketed to over $1.2 billion, and its 24-hour trading volume rose by an impressive 273.14% to $3 billion. Should the bullish momentum persist and break past the barrier of $0.000004354, the meme coin may encounter its next resistance level at $0.000006789.

PEPE/USDT 24-hour price chart (Source: CoinMarketCap)

The Keltner Channel bands point north on the PEPE 2-hour price chart, with upper and lower values of 0.00000373616 and 0.00000170132, indicating a bullish trend. Traders may want to try purchasing PEPE at present levels with a sell aim at the upper Keltner Channel.

Green candlesticks develop on the PEPE price chart, supporting the positive momentum and price action climb above the middle band. Traders should, however, be wary of possible resistance levels and utilize a stop loss to mitigate risk if the bull’s strength wanes.

The bullish momentum is supported by the Relative Strength Index (RSI) reading of 54.22, which is over the 50-point level and indicates more significant buying pressure than selling pressure. However, if the RSI falls below its signal line, the bullish momentum may weaken, necessitating a stop loss. 

PEPE/USDT 2-hour price chart (Source: TradingView)

With a reading of 1513.4037 and climbing over its signal line, the Know Sure Thing (KST) shows that bullish momentum is increasing in the market. When the KST line crosses below the signal line, it is seen as a sell signal, and investors contemplate selling long holdings or opening new ones. 

PEPE has a Money Flow Index (MFI) rating of 62.94, suggesting buyers rule the market. Traders might consider keeping long positions or opening new ones until the MFI rating falls below 50. 

PEPE/USDT 2-hour price chart (Source: TradingView)

Conclusion

To summarize, the positive momentum in PEPE is robust, but traders should be aware of possible resistance levels and overbought conditions.