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Highlights
- The Pepe price breakout from the neckline resistance of Inverted H&S signals a better confirmation of a sustainable recovery trend.
- The midline of Bollinger Band provides PEPE price with dynamic support during occasional pullbacks.
- The 24-hour trading volume in the Pepe coin is $465.5 Million, indicating a 26% loss.
Pepe Coin Price Analysis: For over a week, the Bitcoin price has wavered around the $60000 level accelerating uncertainty among market participants. As a result, the altcoin market lacked the momentum to drive a sustainable recovery with many showing a sideways action. Pepe, the Frog-themed memecoin has been trading since May 4th, resonating between two horizontal levels of $0.00000913 and $0.0000078.
Also Read: Smart Money Flocks To PEPE & These Major Cryptos, A Recovery Ahead?
Key Resistance Breakout Sets 18% Upswing in PEPE Price
The Pepe coin has been rallied to a steady recovery since mid-April as the price rebounded from $0.00000393. The positive upswing surges the coin value by 124% within a month to reach the current trading price of $0.00000881.
In daily charts, this rally offering higher highs and lows formation indicates the buyers are actively accumulating this asset at dips, which is a key sign of the established rally.
A recent update from Spot On Chain highlighted a significant transaction by the trader known as Oxa14, who strategically withdrew 350.2B PEPE tokens worth $2.92 million from Binance during a market dip.
10 hours ago, Smart trader 0xa14 withdrew 350.2B $PEPE ($2.92M) from #Binance at the dip!
This trader is really good at swing trading $PEPE, having earned a cumulative est. profit of $2.59M from the token (win rate: 100%)!
Current holding: 660B $PEPE ($5.74M).
Follow… pic.twitter.com/9MTBk1nUxj
— Spot On Chain (@spotonchain) May 11, 2024
This move is part of Oxa14’s successful trading strategy, which has yielded a 100% win rate and an estimated $2.59 million in profits from PEPE trades. Currently, Oxa14 holds 660B PEPE tokens, valued at approximately $5.74 million
This active accumulation and retention suggest that savvy investors anticipate a sustained recovery trend for the PEPE price.
Thus, the coin price is likely to break the overhead resistance of $0.00000913. A successful breakout will provide buyers with the next stepping stone to lead a higher rally potential chase of $0.0000108, followed by $0.000012.
Technical Indicator
- Vortex Indicator: A notable bullish spread when the VI+( blue) slope is above VI- (pink) indicates a recovery trend in active.
- Pivot levels: The traditional pivot levels highlight $0.0000113 and $0.000014 as the key resistance zone.
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