Price Analysis

Pepe Coin Price Analysis Hints 40% Rally As Bull Flag Forms Amid Healthy Retracement

Pepe Coin Price Analysis: Amid the constructive pullback, the Pepe coin develops a bullish flag to bolster the post-correction rally above the $0.000017 high.

Published by

Sahil Mahadik

Published 15 Jun, 2024 | 12:20:40 PM UTC

Pepe Coin Price Analysis Hints 40% Rally As Bull Flag Forms Amid Healthy Retracement

Highlights

The PEPE price may extend the current correction trendline until the two downsloping trendlines of the Flag pattern are intact.
The falling price still holding above the healthy retracement level of Fibonacci retracement level indicates the broader trend remains bullish.
The 24-hour trading volume in the Pepe coin is $954.4 Billion, indicating a 17.6% gain.

Pepe Coin Price Analysis: The cryptocurrency market experienced notable supply pressure in the second week of June. With the Bitcoin price reverting from $71000, macroeconomic factors increasing market uncertainty, and BTC Miner’s capitulation, the majority of major altcoins entered a fresh correction trend. However, due to its volatile nature and more speculating trading, the memecoin sector faced accelerated selling pressure in this downfall.

Also Read: Pepe Price Prediction: New Record High On The Horizon After Recent Surge?

Bull Flag Formation Points Major Recoversal

Pepe Coin Price Analysis| Tradingiew

PEPE, the Frog-themed meme coin was among the high-performing assets amid the April-May market recovery. The bullish trend lifted the asset to a new high of $0.00001725 before it entered a new correction phase due to Bitcoin’s reversal from $71000.

The bearish turnaround plunged the Pepe coin 30% down to trade at $0.000012, while its market cap wavered around $5.07 Billion.

This week was notably bearish for crypto investors as Bitcoin plunged to a 4-week low of $65000, likely influenced by factors like Pre-CPI data FUD, notable outflow in BTC ETFs, Bitcoin Miners capitulation, and whale distribution.

Thus, The current market sentiment indicates no signs of reversal, suggesting an ongoing correction in the near future.

Also Read: PEPE Price Rose 12% In A Day Amid Market Fall: What’s Happening?

A recent lookonchain report highlighted the volatile journey of a trader with PEPE tokens. Initially buying 114.7 billion PEPE for $1.27 million, the trader saw potential profits soar by 50% to $670K when PEPE peaked at $0.0000017 on May 27.

This $PEPE trader capitulated and sold all 114.7B $PEPE for 366.5 $ETH($1.27M) at a breakeven price.

He bought 114.7B $PEPE($1.27M) at $0.000011 on May 14 and May 15.

The price of $PEPE broke through $0.000017 on May 27, at which time his profit was $670K(+50%), but he did not… pic.twitter.com/aPxuftE1yI

— Lookonchain (@lookonchain) June 15, 2024

However, failing to sell at this high, the trader watched as the value plummeted below his purchase price. Ultimately, he sold all holdings at the break-even point, missing out on substantial gains.

These tractions highlight the volatile nature of this asset and large money traders do not expect an aggressive move in the near term.

However, an analysis of the daily chart shows that the PEPE price falls within two parallel walking trendlines to develop a bull-flag pattern. This chart pattern is commonly spotted in an established uptrend to regain the bullish momentum.

For buyers to regain a signal of potential recovery, the PEPE price must pierce the overhead trendline for potential support. If the breakout is sustained, the buyers could rechallenge the high of $0.0000175 and chase a potential target of $0.00002.

Technical Indicator

Pivot Levels: With the Pepe coin preparing to enter price discovery mode, the traditional pivot level indicator highlights potential resistance at $0.00002, followed by $0.000024.
Average Directional Index: The daily ADX slope falling below 25% indicates the buyers are recuperating the strength for the next recovery leap.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Published 15 Jun, 2024 | 12:20:40 PM

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