Pepe Coin

Pepe

Coin

On Monday, the Meme cryptocurrency witnessed a notable inflow outperforming the other section amid current market consolidation. Within this memecoin sector, the <a href="https://coingape.com/pepe-coin-hits-new-ath-smart-moneys-shift-250-5b-pepe-what-next/" rel="noopener noreferrer nofollow">PEPE</a> coin experienced special attention as the asset increased over 15% today in Asian trading hours and reached a new All-time High of $0.00001128. Will this momentum sustain as the leading digital asset Bitcoin continues to waver at $60000?
Also Read: <a href="https://coingape.com/meme-coin-party-begins-after-gamestop-rally-adds-5-billion-to-index/" rel="noopener noreferrer nofollow">Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index</a>
<h2 id="span-style-font-weight-400-pepe-coin-recovery-faces-challenges-amid-whale-profit-taking-span">Pepe Coin Recovery Faces Challenges Amid Whale Profit-Taking</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/t/tyr6TVMF.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Pepe Coin| Tradingview
 </figcaption>
</figure>
The ongoing recovery in <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">Pepe Coin price</a> can be followed using an emerging support trendline in the daily chart. This dynamic support has uplifted from $0.00000393 to $0.00001096 within a month, registering a 178.85 gain.
With a notable upsurge in the Meme sector this week, the PEPE price gave a decisive breakout from the previous all-time high of $0.00001084 and hit a new high of $0.00001128. However, a daily candle closing above the breached level is needed to better confirm a prolonged rally.
<blockquote>
 As per the traditional pivot level, the PEPE coin is a price discovery mode that can witness overhead supply at $0.0000138 and $0.0000167, coinciding with the R2 and R3 for the Pivot level.
</blockquote>
Also Read: <a href="https://coingape.com/sponsored/can-pepe-coin-become-a-top-10-cryptocurrency-on-coinmarketcap-in-may/" rel="noopener noreferrer nofollow">Can Pepe Coin Become A Top 10 Cryptocurrency On CoinMarketCap In May?</a>
However, an on-chain data tracker SpotOnChain, recently highlighted significant profit-taking activities by whales in the PEPE cryptocurrency market, following a record-setting surge in its price.&nbsp;
One early holder of PEPE, identified by the wallet address 0x647, notably deposited 250 billion PEPE tokens (valued at $2.69 million) into Binance. This investor still retains 42.4 billion PEPE, valued at $424,000, realizing an enormous profit of $3.96 million, an increase of 8,833% on their initial investment.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whales have taken profits after the <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> price recorded a new ATH (24H)! Have you taken yours?
 1. Early holder 0x647 deposited 250B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> ($2.69M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> ~12 hours ago. – The whale has 42.4B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PEPE</a> ($424K) left with a total profit of $3.96M (+8,833%).
 2. Whale 0xa4f 123.7B… <a href="https://t.co/AxUxvMSYac" rel="noopener noreferrer nofollow">pic.twitter.com/AxUxvMSYac</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1790255638054043925?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 14, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Another prominent whale, operating under the wallet address 0xa4f, moved 123.7 billion PEPE for $1.31 million Coin (USDC), earning a 20.5% profit of $223,000 after just three days.
These heavy transactions indicate that smart money traders are expecting more major movement in PEPE price or a possibility of fresh correction.
If the overhead supply prevents PEPE from further gain, the aforementioned support trendline will be a key support for buyers to maintain the recovery trend.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The daily ADX slope uptick at 22% hints the renewed recovery is still in the early stage and buyers have sufficient momentum to lead a higher rally.</li>
 <li style="font-weight: 400;" aria-level="1">Traditional Pivot levels: The R3 Pivot level indicates the recently breached $0.0000092 will act as suitable pullback support for PEPE buyers.</li>
</ul>
The post <a href="https://coingape.com/markets/key-levels-to-watch-as-pepe-coin-enters-price-discovery-mode/" rel="noopener noreferrer nofollow">Key Levels To Watch as Pepe Coin Enters Price Discovery Mode</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Key Levels To Watch as Pepe Coin Enters Price Discovery Mode

Table of Contents

Coingape News Media

Other articles published on May 14, 2024

State of Wisconsin Announces $164M in Spot Bitcoin ETF Investments

Spotlight On BlockDAG: $25.2 Million Presale Success Amid NEAR Protocol’s Growth And VeChain’s Ne...

What is Launchpool? Differences with the Launchpad

Morph Secures $300K Investment Round on Echo Platform (14 May)

Chainlink’s LINK Price Struggles: Why

Solana Gains Momentum in Crypto Market

Join our free newsletter for daily crypto updates!