PEPE Coin Price Overview: The cryptocurrency representing the meme character Pepe, named PEPE, has experienced a surge in value since last Friday. This was the day when Bitcoin underwent its fourth halving, leading to renewed optimism across the market. PEPE’s price rose by 66% within just six days and now trades at $0.000007. The current upward trend aligns with a bullish chart pattern and suggests that whales have been accumulating large amounts of PEPE. These factors point towards a potential prolonged recovery for PEPE in the coming days.
Pepe Price Escapes Correction Trend With Channel Breakout
The downward trend in Pepe coin prices leading up to the latest correction was evident through a falling channel pattern, which caused the asset price to drop significantly from $0.0000108 to $0.00000393. However, following the Bitcoin halving event, PEPE‘s price found a bottom at $0.00000463, leading to an immediate turnaround in the daily chart.
Additionally, the Spot On Chain has brought to light a significant on-chain transaction. A large investor, identified as “rekdtophin.eth”, acquired approximately 211.6 billion PEPE tokens, worth around $1.72 million. The whale’s purchases were executed on Binance, Gate.io, and Uniswap, with an initial investment of about $1.54 million. At present, the whale’s PEPE holdings have generated an unrealized profit of nearly $173,000.
In the last 24 hours, the whale identified as 0x803, connected to “rektdolphin.eth,” has been gradually purchasing $211.6B worth of $PEPE tokens, which is equivalent to approximately $1.72 million at the current price. The token’s value has risen by 17% during this period, causing a surge in its price.
Significantly, the whale purchased PEPE token from Binance, Gateio, and Uniswap platforms for approximately $0.000007291 each (an estimated total expense of $1.54 million). Now, this whale is in the process of…
— Spot On Chain (@spotonchain) April 24, 2024
A strong rally, fueled by large-scale purchases from “whales,” has resulted in a clear breakthrough of the resistance line in this channel pattern. This breakthrough indicates a shift in market power towards buyers, potentially leading to a significant price increase.
After a price surge (or breakout), PEPE‘s value might continue rising and reach the resistance levels of $0.0000092 and then $0.0000108.
Technical Indicator
- Moving Average Convergence Divergence: The MACD and the signal line in bullish crossover state highs the recovery sentiment returning to the PEPE coin.
BB Indicator: The coin price challenging the upper boundary of Bollinger Band is a sign of buyers’ dominance to lead the direction trend.
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2024-04-24 18:44