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Highlights
- A high wick rejection at $0.0000107 hints at active overhead supply for PEPE amid market consolidation.
- The PEPE price may continue its upward trajectory until the ascending trendline of the daily chart is intact.
- The 24-hour trading volume in the Pepe coin is $3.01 Billion, indicating a 220% gain.
On Monday, the Meme cryptocurrency witnessed a notable inflow outperforming the other section amid current market consolidation. Within this memecoin sector, the PEPE coin experienced special attention as the asset increased over 15% today in Asian trading hours and reached a new All-time High of $0.00001128. Will this momentum sustain as the leading digital asset Bitcoin continues to waver at $60000?
Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index
Pepe Coin Recovery Faces Challenges Amid Whale Profit-Taking
The ongoing recovery in Pepe Coin price can be followed using an emerging support trendline in the daily chart. This dynamic support has uplifted from $0.00000393 to $0.00001096 within a month, registering a 178.85 gain.
With a notable upsurge in the Meme sector this week, the PEPE price gave a decisive breakout from the previous all-time high of $0.00001084 and hit a new high of $0.00001128. However, a daily candle closing above the breached level is needed to better confirm a prolonged rally.
As per the traditional pivot level, the PEPE coin is a price discovery mode that can witness overhead supply at $0.0000138 and $0.0000167, coinciding with the R2 and R3 for the Pivot level.
Also Read: Can Pepe Coin Become A Top 10 Cryptocurrency On CoinMarketCap In May?
However, an on-chain data tracker SpotOnChain, recently highlighted significant profit-taking activities by whales in the PEPE cryptocurrency market, following a record-setting surge in its price.
One early holder of PEPE, identified by the wallet address 0x647, notably deposited 250 billion PEPE tokens (valued at $2.69 million) into Binance. This investor still retains 42.4 billion PEPE, valued at $424,000, realizing an enormous profit of $3.96 million, an increase of 8,833% on their initial investment.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?
1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
— Spot On Chain (@spotonchain) May 14, 2024
Another prominent whale, operating under the wallet address 0xa4f, moved 123.7 billion PEPE for $1.31 million Coin (USDC), earning a 20.5% profit of $223,000 after just three days.
These heavy transactions indicate that smart money traders are expecting more major movement in PEPE price or a possibility of fresh correction.
If the overhead supply prevents PEPE from further gain, the aforementioned support trendline will be a key support for buyers to maintain the recovery trend.
Technical Indicator
- Average Directional Index: The daily ADX slope uptick at 22% hints the renewed recovery is still in the early stage and buyers have sufficient momentum to lead a higher rally.
- Traditional Pivot levels: The R3 Pivot level indicates the recently breached $0.0000092 will act as suitable pullback support for PEPE buyers.
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