As a researcher with experience in crypto market analysis, I have been closely monitoring the price action of various altcoins in relation to Bitcoin’s volatility over the past week. The uncertainty surrounding Bitcoin’s price has led to a lackluster performance for many altcoins, including Pepe Coin.
Over the past week, Bitcoin‘s price has hovered near the $60,000 mark, causing apprehension among investors and muting the altcoin market’s potential for a robust rebound. Consequently, several altcoins, including Pepe Coin, have exhibited minimal upward or downward movement, trading between two flat resistance levels at $0.00000913 and $0.0000078 since May 4th.
Key Resistance Breakout Sets 18% Upswing in PEPE Price
Since mid-April, the value of Pepe coins has been gradually regaining strength. The price bounced back from a low of $0.00000393, triggering a robust uptrend that increased the coin’s worth by an impressive 124% within just one month. Consequently, the current trading price stands at $0.00000881.
This pattern of higher highs and lower lows in daily charts signals that buyers are aggressively purchasing this asset during price drops, a strong indicator of an ongoing bullish trend.
The latest announcement from Spot On Chain brought attention to a noteworthy transaction carried out by trader Oxa14, who shrewdly withdrew approximately 350.2 billion PEPE tokens valued at around $2.92 million from Binance as the market experienced a downturn.
10 hours ago, Smart trader 0xa14 withdrew 350.2B $PEPE ($2.92M) from #Binance at the dip!
This trader excels at swing trading with the $PEPE token, amassing an estimated total profit of $2.59 million over time (winning every trade: 100%).
Current holding: 660B $PEPE ($5.74M).
Follow…
— Spot On Chain (@spotonchain) May 11, 2024
The strategy used by Oxa14 for their winning PEPE trades, resulting in a perfect 100% success rate and an impressive estimated earnings of $2.59 million, includes this recent move. At present, Oxa14’s PEPE token holdings amount to 660 billion tokens, equivalent to around $5.74 million in value.
As a seasoned crypto investor, I believe my active buying and holding of PEPE tokens indicates my confidence in a prolonged uptrend for this cryptocurrency’s price.
The coin’s price seems poised to surpass its current resistance level at $0.00000913. Once this barrier is breached, the path may open up for further gains towards $0.0000108 and potentially even $0.000012.
Technical Indicator
- Vortex Indicator: A notable bullish spread when the VI+( blue) slope is above VI- (pink) indicates a recovery trend in active.
- Pivot levels: The traditional pivot levels highlight $0.0000113 and $0.000014 as the key resistance zone.
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2024-05-12 23:03