Pepe Coin Price Prediction: Bullseye On $0.00002 As PEPE Leads Meme Coin Recovery
Highlights
- The PEPE price breakout from the flag pattern will provide potential buyers with a better signal for uptrend continuation.
- The coin price still holding above 100-and-200-day EMAs indicates the broader trend remains bullish.
- The 24-hour trading volume in the Pepe coin is $1.05 Billion, indicating a 30.76% gain.
Pepe Coin Price Prediction: Meme coins are changing the trajectory of the crypto market following the widespread declines since last week. Pepe is at the forefront of the gains after surging 12% to $0.00001171. Other meme coins seem to be catching momentum including SHIB and DOGE.
Pepe Coin Price Prediction: $4.27M PEPE Move to Binance Amid Market Correction
Over the past three weeks, the PEPE coin has witnessed a sustained correction resonating within two downsloping trendlines of the flag. In theory, the chart pattern provides buyers with a temporary counter-trend move to recuperate the bullish momentum before the next move.
Amid the recent market correction, the PEPE price fell from $0.00001725 to $0.00000968 low, registering a 42.8% loss.
According to Lookonchain, a major player in the crypto space, referred to as whales, deposited a staggering 407.74 billion $PEPE tokens, valued at approximately $4.27 million, into Binance. This transaction was made at a break-even price, occurring just two hours before the report.
As the market fell, a $PEPE smart money deposited all 407.74B $PEPE($4.27M) into #Binance at a breakeven price 2 hours ago.
This smart money made $5.4M on 8 tokens before.https://t.co/Pw9FeS8KU8 pic.twitter.com/G2O1rvHbRX
— Lookonchain (@lookonchain) June 18, 2024
This smart money investor exited without much profit hints he/she does not expect a major move in PEPE in the near term.
However, despite the broader market correction and whale selling, the PEPE shows resilience above the pattern’s lower trendline, keeping the bullish pattern. If the pattern holds true, the Frog-themed memecoin could prolong its correction phase and continue to resonate within two trendlines.
However, a breakout is imminent for the PEPE coin which will signal the end of the correction phase. The breached trendline will provide buyers with suitable support and lead a 40-45% rally to rechallenge the high of $0.00000172.
On a contrary note, if the coin PEPE slips below the lower trendline, the bullish thesis will be invalidated. If this happened, the sellers could extend the current correction to $0.0000089, followed by $0.0000076.
Technical Indicator
- EMAs: The PEPE price dropped below the 20-and-50-day Exponential Moving Average slope and may act as dynamic resistance against the recovery attempt of coin buyers.
- ADX: An uptick in the daily ADX slope at 26% signals that sellers are strengthening their grip over this asset to lead to a high momentum downfall.
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