Pepe

Mog Coin

<p class="is-style-lead"><a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">Pepe</a> price rose for the second straight day as the crypto industry stabilized and as traders identified some bullish formations. The token rose to $0.000012, ~25% above its lowest point this month. This recovery has risen has pushed its market cap to almost $5 billion.</p> 
<p>Pepe’s price action coincided with the rebound of other meme coins. Popcat, a Solana meme coin, jumped by over 65% while Tooker Kurlson, Jeo Boden, and Mog Coin jumped by more than 30%.</p> 
<p>A likely reason for this rebound is that <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> has struggled to extend its losses below the crucial support at $60,000. It was trading at $61,125 on Tuesday as investors buy the token’s dip.&nbsp;</p> 
<p>The token has also steadied as data reveals that the proportion of whale holdings has remained steady this month. <a href="https://coinmarketcap.com/currencies/pepe/#Analytics" target="_blank" rel="">Data by CoinMarketCap</a> shows that whales held over 203 trillion PEPE tokens on Tuesday, the highest point since May 31st. More whale holdings is often seen as a positive sign for a coin. The number of Pepe holders has jumped to over 247k, according to <a href="https://etherscan.io/token/0x6982508145454ce325ddbe47a25d4ec3d2311933" target="_blank" rel="">Etherscan</a>.</p> 
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<p><em>Pepe price chart</em></p> 
<p>Meanwhile, traders have pointed to some bullish patterns Pepe has formed recently. First, as shown above, the token has constantly remained above the 100-day Exponential Moving Average (EMA), signaling that bulls were in control.</p> 
<p>Further, Pepe has recently formed a falling wedge chart pattern, which is a popular bullish sign. On Tuesday, the token moved above the upper side of this pattern.&nbsp;</p> 
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   <p lang="en" dir="ltr">Strap in 🚀<a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$PEPE</a> <a href="https://t.co/x06zCBcE70" target="_blank" rel="">pic.twitter.com/x06zCBcE70</a></p>— Crypto Michael (@MichaelXBT) <a href="https://twitter.com/MichaelXBT/status/1804221128778371488?ref_src=twsrc%5Etfw" target="_blank" rel="">June 21, 2024</a>
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<h2 class="wp-block-heading" id="pepe-s-hammer-pattern-and-rising-open-interest">Pepe’s hammer pattern and rising open interest</h2> 
<p>Additionally, it also formed a hammer candlestick pattern, which is characterized by a small head and a long lower shadow. In most cases, this pattern leads to a rebound, especially when volume is rising. Data by <a href="https://www.coingecko.com/en/coins/pepe/historical_data" target="_blank" rel="">CoinGecko</a> shows that the daily volume of Pepe traded in all exchanges rose to over $865 million, higher than Monday’s $454 million.</p> 
<p>The same is happening in the futures market where open interest has risen to over $134 million, its highest level since June 17th. Open interest is an important metric that looks at the number of contracts held by traders in active positions.</p> 
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<p><em>Pepe’s open interest has risen</em></p> 
<p>Meanwhile, Pepe has also bounced above the 38.2% Fibonacci Retracement level, pointing to more upside. However, the main risk is that this rebound is part of a dead cat bounce, where an asset in a freefall rebounds briefly and resumes the downward trend.</p>

Pepe price on the rebound as traders identify bullish patterns

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