Highlights
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
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.
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.
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