Pepe Coin Price Analysis: Whale’s $1.72M Buy Spurring Breakout Potential to $0.00001

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.