Pepe Coin Price Analysis: Will $PEPE Hit $0.00001 in the Coming Week?

Pepe Coin Price Analysis: Amid the ongoing market rebound, the Pepe Coin experienced a notable recovery this week, escalating from $0.00000592 to its current trading price of $0.00000842. This 42% upswing in the daily chart revealed the formation of an inverted head and shoulder pattern. This bullish reversal setup commonly observed in the market’s local bottom indicates a shift in market dynamic from selling on rallies to buying on dips.

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On-Chain Indicators Align for Pepe Coin’s Recovery

PEPE, the Frog-themed Memecoin entered its current recovery trend in mid-April as its price rebounded from a $0.00000393 low. The bullish turnaround propelled the asset 128% within a month to a high of $0.00000893,

Amid this recovery, the PEPE coin price projected two higher low formations indicating the buyers are actively accumulating this asset at dips. Moreover, In a recent on-chain activity, the multisig wallet identified by the address 0x323 made significant moves with the cryptocurrency PEPE, as reported by the on-chain data tracker Spot On Chain. 

A multisign wallet 0x323 withdrew 915.85B $PEPE ($7.75M) from #Binance at $0.000008466 ~ 10 mins ago.

In the past 28 hours, the wallet has withdrawn 1.238T $PEPE ($10.4M) from the CEX for the first $PEPE trade.

Set the alerts for the wallet via our @spotonchain platform at… pic.twitter.com/tcmCKxqMdn

— Spot On Chain (@spotonchain) May 5, 2024

This wallet withdrew 915.85 billion PEPE tokens, valued at approximately $7.75 million, from Binance. This transaction adds to the wallet’s recent activities over the past 28 hours, during which it has withdrawn a total of 1.238 trillion PEPE tokens (valued at around $10.4 million) for its initial trade involving this cryptocurrency.

Amid the renewed recovery sentiment, this activity accentuates higher growth potential for the PEPE price. 

On May 4th, the coin buyers gave a decisive breakout from the $0.000008 neckline resistance of inverted head and shoulder pattern. If the chart pattern holds true, the PEPE price should surpass the last swing resistance of $0.0000108 to hit a potential target of $0.000012.

Technical Indicator

• BB Indicator: The uptick in the upper boundary of the Bollinger band indicator highlights an active buying momentum among market participants.
• Average Directional Index: An upswing in ADX slope at 16.6% indicates the prior correction assisted buyers in regaining their strength for the higher rally.