As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring the price action of Pepe Coin over the past few weeks. The bullish momentum seen during the fourth week of May was impressive, with the price surging from $0.00009 to $0.000016, representing a 79% increase. This rally was primarily driven by the approval of spot Ethereum and Bitcoin nearing the $70,000 mark.
Pepe Coin Price Insights: The last week of May brought significant gains for Pepe coin, as its price jumped from $0.00009 to $0.000016, representing a 79% price hike. This bullish trend can be attributed mainly to the recent approvals of Ethereum and Bitcoin trading at nearly $70,000 each. However, this week’s data shows that Pepe’s recovery momentum has started to weaken, accompanied by shrinking trading volumes. These signs suggest a possible correction trend may emerge.
PEPE Team Cashes Out $2.28M in Tokens as Price Hits New ATH
Over the past six weeks, an upward trendline has driven the PEPE coin’s price recovery on the daily chart. This uptrend is evidenced by a succession of higher lows, which suggests that investors have been actively accumulating this memecoin. As a result, PEPE surged from $0.00000393 to $0.000016, marking a substantial 300% price increase.
With Bitcoin holding steady above $65,000 for over a week now, the altcoin market has started to display waning bullish energy. PEPE coin is no exception, as seen in the appearance of short candles and decreasing trading activity, suggesting a possible pause or even reversal in its price gain.
As an analyst, I’ve observed some significant transactions related to the PEPE token on the blockchain tracker. Specifically, the PEPE development team sold a substantial amount of tokens – 21.49 billion, equivalent to around $355,000 at the time – on Binance and decentralized exchanges (DEXs). This comes after the token’s price experienced a remarkable increase of over 130% in just 30 days, reaching a new all-time high.
Fifteen hours past, @pepecoineth disposed of $21.49 billion worth of $PEPE, equating to approximately $355,000, through both Binance and decentralized exchanges. The price surge of 134% over the last thirty days culminated in a new all-time high for $PEPE!
After a late February increase in price, the PEPE development team sold approximately 282.8 billion $PEPE tokens for around $0.000008067 each, totaling roughly $2.28 million. These sales frequently occurred prior to any subsequent price drops.
Current holding:…
— Spot On Chain (@spotonchain) May 28, 2024
If the intensity of the overhead supply increases, the PEPE price may drop by approximately 20% and retrace back to the previously mentioned trendline. As long as this key support level holds firm, the PEPE memecoin’s uptrend could persist.
Technical Indicator
- Exponential Moving Average: The 20-and-50-day EMA provides additional pullback support to sustain this recovery trend.
- Average Directional Index: An upswing in ADX slope at 44% indicates an exhausted trend that needs minor correction to restore bullish momentum.
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2024-05-28 17:32