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Highlights
- The on-chain data tracker Spotonchain highlights aggressive whale accumulation in PEPE coin amid the last correction.
- The Pepe price managed to reclaim 50% of the last value from the last pullback hints buyers continue to hold for grip over this asset.
- The 24-hour trading volume in the Pepe coin is $1.55 Billion, indicating a 20% gain.
Pepe Coin Price Analysis: The Frog-themed meme cryptocurrency PEPE has seen a bullish streak since last Friday, the day when the Bitcoin network completed its fourth halving. The event has sparked fresh relief across the broader market, uplifting the PEPE price 66% within six days to currently trade at $0.000007. This rally coinciding with a bullish chart pattern and whale accumulation hints at a potential prolonged recovery trend in the near future.
Also Read: Pepe Coin Price Eyes $0.00001 High As Chart Pattern Hints End-of-Correction Trend
Pepe Price Escapes Correction Trend With Channel Breakout
The last correction trend in the Pepe coin was easily traced through a falling channel pattern which tumbled the asset price from $0.0000108 to $0.00000393. However, with the recent Bitcoin halving, the PEPE price managed to find a bottom support at $0.00000463 resulting in an immediate reversal in the daily chart.
Moreover, the Spot On Chain has highlighted a notable on-chain event where a whale, linked to “rekdtophin.eth”, accumulated 211.6B PEPE tokens, valued at $1.72M. The whale’s purchases were made on Binance, Gate.io, and Uniswap, with an estimated initial expenditure of $1.54M. Presently, the whale’s PEPE holdings have resulted in an 11% unrealized profit of $173K.
Whale 0x803 (linked to “rektdolphin.eth”) has been steadily accumulating 211.6B $PEPE (now $1.72M) in the past 24 hours, as the price surged back by 17%!
Notably, the whale:
• accumulated PEPE from #Binance, #Gateio, and #Uniswap at ~$0.000007291 (est. cost: $1.54M), now making… pic.twitter.com/1mcZAIi8F2— Spot On Chain (@spotonchain) April 24, 2024
This recent rally backed by whale buying gave a decisive breakout from the resistance trendline of the channel pattern. A successful breakout signals a change in market dynamics favoring buyers for a high rally.
The post-breakout recovery could asset PEPE price to hit overhead resistances of $0.0000092, followed by $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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