Pepe Coin

Pepe

Pepe Coin Price Analysis: The fourth week of May has been notably bullish for <a href="https://coingape.com/trending/can-pepe-price-surge-any-higher-technical-indicators-indicate-pullout/">Pepe coin</a>, which saw its price surge from $0.00009 to $0.000016, marking a 79% increase. This rally was primarily driven by the recent approval of spot Ethereum and Bitcoin nearing the $70,000 mark. However, this week, PEPE’s recovery momentum has slowed, accompanied by decreasing trading volumes, indicating the potential onset of a new correction trend. 
Also Read: <a href="https://coingape.com/blog/maga-vs-pepe-top-reasons-maga-might-flip-pepe/">MAGA vs PEPE : Top Reasons MAGA Might Flip PEPE?</a> 
<h2 id="strong-pepe-team-cashes-out-2-28m-in-tokens-as-price-hits-new-ath-strong">PEPE Team Cashes Out $2.28M in Tokens as Price Hits New ATH</h2> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/p/pR2M6S54.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="893">
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 Pepe Coin Price Analysis| Tradingview
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An analysis of the daily time frame shows that the <a href="https://coingape.com/pepe-coin-price-slips-dev-team-sells-22b-pepe-what-next/">PEPE</a> coin price has been riding a steady recovery for the past six weeks under the influence of an ascending trendline. The series of new higher lows indicate an active accumulation trend which uplifted this memecoin from $0.00000393 to $0.000016 recording a 300% jump. 
<blockquote>
 However, with <a href="https://coingape.com/bitcoin-price-regains-70000-memorial-day-rally-in-play/">Bitcoin</a> consolidating above $65,000 for over a week, the altcoin market has shown signs of weakening bullish momentum. PEPE coin mirrored this trend, evidenced by the formation of short-bodied candles and decreasing trading volume, indicating a potential slowdown in its upward trajectory.
</blockquote> 
Moreover, the on-chain tracker’s Spot On Chain reported notable activity involving the PEPE token. The PEPE development team sold 21.49 billion $PEPE ($355K) on Binance and DEXs after the token’s price soared 134% in 30 days to a new ATH. Since late February, the team has sold 282.8 billion $PEPE ($2.28M) at an average price of $0.000008067, often before price drops. Currently, the team holds 2.52 trillion $PEPE ($42.7M). 
<blockquote class="twitter-tweet"> 
 13 hours ago, <a rel="nofollow" href="https://twitter.com/pepecoineth?ref_src=twsrc%5Etfw">@pepecoineth</a> sold 21.49B <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($355K) via <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and <a rel="nofollow" href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw">#DEX</a> after the price soared 134% (30D) to a new ATH! 
 Since the price rose in late Feb, the PEPE dev team has sold 282.8B <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> at ~$0.000008067 ($2.28M), often before the price dropped <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Current holding:… <a rel="nofollow" href="https://t.co/NKm4k0YvnL">pic.twitter.com/NKm4k0YvnL</a> 
 — Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1795256866882421010?ref_src=twsrc%5Etfw">May 28, 2024</a>
</blockquote> 
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If the overhead supply intensifies, the <a href="https://coingape.com/price/pepe-coin/">PEPE price</a> could plunge around 20% to revisit the aforementioned trendline. Until this dynamic support is intact, the Frog-themed memecoin could prolong the current uptrend. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> provides additional pullback support to sustain this recovery trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: An upswing in ADX slope at 44% indicates an exhausted trend that needs minor correction to restore bullish momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-20-correction-amid-declining-volume/">Pepe Coin Price Analysis: 20% Correction Looms Amid Declining Volume</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Coin Price Analysis: 20% Correction Looms Amid Declining Volume

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