Pepe Coin

Pepe

Pepe Coin Price Analysis: Since last weekend, <a href="https://coingape.com/markets/bitcoin-price-analysis-end-of-correction-pattern-btc-rally-73k-may/" rel="noopener noreferrer nofollow">Bitcoin</a> has been in a consolidation phase, facing challenges in maintaining a position above the psychological threshold of $65,000. This stagnation in Bitcoin’s recovery has impacted several altcoins, including the <a href="https://coingape.com/trending/pepe-price-targeting-a-new-ath-in-may-2024-whats-happening/" rel="noopener noreferrer nofollow">Pepe coin</a>, which has pulled back from its resistance level of $0.00000920.&nbsp;
Over the past three days, Pepe coin has seen a 10% decline in value. However, the decrease in trading volume suggests a lack of conviction from sellers. Is a rally to $0.00001 high possible?
Also Read: <a href="https://coingape.com/pepe-coin-smart-money-buys-143-bln-pepe-0-00001-on-the-horizon/" rel="noopener noreferrer nofollow">Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?</a>
<h2 id="strong-whale-selling-sparks-concerns-for-pepe-coin-s-bullish-momentum-strong">Whale Selling Sparks Concerns for Pepe Coin’s Bullish Momentum</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/c/cVG2wbbM.png" alt="BINANCE:PEPEUSDT Chart Image by sahilmahadik07">
Over the past three weeks, the Frog-themed memecoin— <a href="https://coingape.com/pepe-coin-whale-dumps-1-tln-pepe-amid-5-price-drop-what-next/" rel="noopener noreferrer nofollow">PEPE</a> witnessed a steady recovery displayed through new higher low higher high formation in the daily chart. This bullish rally recorded around 113% growth as the price jumped from $0.00000393 support to a $0.00000918 high.
Amid this rally, the <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">PEPE price</a> developed a well-known bullish reversal pattern called the inverted head and shoulder pattern. This pattern commonly spotted at the market bottom signals a major change in trend dynamic and renewed accumulation from market participants.
On May 4th, the coin price gave a decisive breakout from the neckline at $0.000008 favoring buyers to drive a sustainable recovery. However, with the weekend consolidation in Bitcoin, the PEPE price shows a minor retest to the breached resistance, allowing buyers to showcase its sustainability for a higher rally.
In a recent event tracked by Spot On Chain, a significant PEPE cryptocurrency transaction occurred when a multisign wallet deposited 1.238T PEPE ($10.6M) into Binance, causing a 5.2% price drop. This whale held the PEPE for just three days and, if sold, earned a modest 1.28% profit ($134K). This rapid transaction raises speculation about potential insider knowledge influencing the sale.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 3 hours ago, this multisign wallet deposited all 1.238T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> ($10.6M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>, causing the price to drop abruptly by ~5.2%.
 The whale held those <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> for only 3 days and would realize a small profit of only $134K (+1.28%) if truly selling.
 Did the whale know something and… <a href="https://t.co/bUJ4A6lOx6" rel="noopener noreferrer nofollow">https://t.co/bUJ4A6lOx6</a> <a href="https://t.co/iq89A3O4M7" rel="noopener noreferrer nofollow">pic.twitter.com/iq89A3O4M7</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1787731949554995388?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, with a bullish retest to $0.000008, the PEPE price is at the pivot level. Sustaining the recent breakout will drive a rally back to $0.000012.
On a contrary note, the whale selling hints at the possibility of a bearish breakdown which will invalidate the bullish thesis.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The PEPE price jump above the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> (20 and 50) indicates a short-term trend returns to a recovery trend.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: An uptick in ADX slope at 17% accentuates the buyers have sufficient momentum to lead a higher rally.</li>
</ul>
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-can-pepe-whale-selling-to-0-00001/" rel="noopener noreferrer nofollow">Pepe Coin Price Analysis As Trading Volume Plunges 20% To $742M, Is 2024 Bull Run Over?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pepe Coin Price Analysis As Trading Volume Plunges 20% To $742M, Is 2024 Bull Run Over?

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