Pepe Coin

Pepe

NEXT GEN PEPE

Contrary to the recent market movement, the <a href="https://coingape.com/trending/how-high-can-pepe-coin-price-go-in-may-2024/" rel="noopener noreferrer nofollow">Pepe</a> coin price witnessed a notable outflow this week. The supply pressure from its previous all-time high resistance of $0.0000108 tumbled the asset by 18.8% to trade at $0.00000943. With the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC</a> a at $67000, the PEPE price wavers at the pivotal movement to resume the prevailing rally or enter a new correction.
Also Read: <a href="https://coingape.com/china-to-drive-next-rally-in-bitcoin-gold-prices-heres-how/" rel="noopener noreferrer nofollow">China To Drive Next Rally in Bitcoin, Gold Prices, Here’s How?</a>
<h2 id="span-style-font-weight-400-whale-activity-contributes-to-pepe-price-drop-span">Whale Activity Contributes to PEPE Price Drop</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/n/nk5VJYUk.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="937">
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 Pepe Coin Price| Tradingview
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The <a href="https://coingape.com/price/pepe-coin/" rel="noopener noreferrer nofollow">Pepe coin price</a> has witnessed a steady recovery since last month under the influence of an ascending trendline in daily charts. This dynamic support uplifted the asset value from $0.00000393 to a new all-time high of $0.0000161, registering a 195% growth.
<blockquote>
 However, the overhead resistance at $0.0000108 prevented a daily candle closing and tumbled the PEPE price back to $0.00000925.
</blockquote>
According to on-chain data tracker Spot On Chain, a recent transaction by a PEPE whale has significantly impacted the token’s price. Thirteen hours ago, a multisignature wallet identified as 0x1a2 deposited 457.9 billion PEPE tokens, worth approximately $4.54 million, to Binance. This move, interpreted as a stop-loss measure, contributed to a 6% price drop in PEPE.
<a rel="noopener noreferrer nofollow" href="https://x.com/spotonchain/status/1792025990153359484?t=nERkqekikV9eOjm8Yovqzw&amp;s=35">Spot On Chain</a> notes that this particular whale has a track record of poor trading decisions. Over the past 15 days, the whale has lost $717,000 (approximately 4.69%) from two separate <a href="https://coingape.com/pepe-coin-whale-nabs-8x-profit-price-sustains-momentum-new-ath/" rel="noopener noreferrer nofollow">PEPE</a> trades. Historically, the whale’s transactions have often led to sharp price declines whenever large amounts of PEPE were moved.
However, this frog-themed memecoin currently hovers above the aforementioned support trendline seeking to be suitable for renewed recovery momentum. Along with the Bitcoin price sustainability above $65000, If the PEPE managed to hold above the rising trendline, the buyers could lead the next recovery leap to $0.0000138, followed by $0.0000167.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The midline of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator offers additional support for buyers to prolong the recovery rally.</li>
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: The VI+(blue) and VI-(orange) slope near a bearish crossover reflect that the prevailing recovery momentum is weakening.&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/can-pepe-coin-price-whale-induced-setback-key-support-focus/" rel="noopener noreferrer nofollow">Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus

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