Five wallets possibly linked to a hacker acquired 611 billion PEPE tokens.

According to data from Lookonchain, five wallets, potentially related to a hacker, bought out 611 billion PEPE tokens worth 4.28 million dollars.

The price of PEPE remains around $0.0000073 this Wednesday, after being rejected at the 50-day EMA at $0.0000078.

The technical outlook suggests indecision among traders, with the RSI oscillating around neutral levels.

The value of PEPE (PEPE) is approximately $0.0000073 at the time of writing this article on Wednesday, after being rejected at the 50-day Exponential Moving Average (EMA) earlier this week. Lookonchain information reveals that five wallets, possibly linked to a hacker, bought out 611 billion PEPE tokens valued at $4.28 million on Wednesday. Furthermore, the technical outlook for the frog-themed cryptocurrency suggests uncertainty among traders, as the Relative Strength Index (RSI) fluctuates at neutral levels.

Are hackers buying the cryptocurrency PEPE?

Lookonchain data shows that five wallets invested 4.28 million dollars on Wednesday to buy out 611 billion Pepe tokens. The information also indicates that these wallets could be related to a hacker, as their previous transactions had withdrawn Ethereum (ETH) from Tornado Cash.

Tornado Cash, a mixer based on Ethereum that obscures the traces of cryptocurrency transactions using zero-knowledge proofs and generally compromised funds, is commonly used to channel assets through this platform ( a decentralized mixer associated with money laundering ).

Price Forecast for Pepe: The PEPE momentum indicator shows indecision

The price of PEPE surpassed the descending trend line ( drawn by connecting several highs since early December. On April 9, it corrected and found support at this trend line the following day, and rebounded by 11% until Saturday. However, it was rejected around the level of the 50-day EMA of $0.0000078 on Sunday and decreased by 6% until Tuesday. At the time of writing this article on Wednesday, it is oscillating around $0.0000070.

If PEPE continues its descent and closes below $0.0000064 on a daily basis, it could extend the fall to retest the low of March 11 at $0.0000052.

The RSI on the daily chart is consolidating around the neutral line of 50, indicating indecision among investors. The price of PEPE could drop sharply if the RSI moves below its neutral level.

However, if PEPE breaks and closes above its 50-day EMA, it could extend the rally to retest its high of February 14 of $0.00001.