Pepe Coin Price Analysis: Whale’s $1.72M Buy Spurring Breakout Potential to $0.00001
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.
- $1.68 Trillion T. Rowe Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
