Highlights
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
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.
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.
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