Pepe Coin

Pepe

Coin

Pepe Coin Price Analysis: In the fourth week of June, the crypto market saw signs of recovery as <a href="https://coingape.com/markets/is-1000000-bitcoin-price-possible-in-5-years/">Bitcoin</a> selling pressure decreased, stabilizing above the $60,000 mark. This shift sparked discussions of a market bottom on social media, accompanied by encouragement to buy the dip. Following suit, meme coins responded swiftly, with <a href="https://coingape.com/shiba-inu-coin-pepe-coin-whales-offload-26m-shib-pepe-what-next/">Pepe Coin</a> emerging among the highest gainers. This movement pushed Pepe Coin to a two-week high of $0.0000135, effectively ending a month-long correction and setting the stage for a more robust rally. 
Also Read: <a href="https://coingape.com/pepe-coin-whale-sparks-concerns-with-1-tln-pepe-transfer-to-binance-whats-next/">Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?</a> 
<h2 id="span-style-font-weight-400-will-correction-trend-extend-whale-transfers-1-1-trillion-pepe-tokens-to-binance-span">Will Correction Trend Extend? Whale Transfers 1.1 Trillion PEPE Tokens to Binance&nbsp;</h2> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/YmA6Ixu7.png" alt="BINANCE:PEPEUSDT Chart " width="1897" height="934">
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 Pepe Coin Price Analysis| Tradingview
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Amid the recent market correction, the <a href="https://coingape.com/price/pepe-coin/">Pepe Coin price</a> spent most of its June time in the correction phase. From the recent peak of $0.00001725, the meme coin dropped 42% to hit a low of $0.00000968. 
This retracement managed to stabilize above the 50% Fibonacci retracement level indicating a healthy pullback for buyers to regain strength. In addition, the falling PEPE price resonated strictly within two downsloping trend lines indicating the formation of a flag pattern. 
<blockquote>
 The bullish continuation is often spotted at major uptrends, providing short breaks to buyers before the next leap. Amidst the recent reversal from BTC, the PEPE price showcased a sharp reversal of $0.00001 psychological support.
</blockquote> 
The reversal uplifted the asset by 26% within three days to reach $0.0000127 and breached the flag pattern resistance. Sustainability this breakout will signal the end of correction and bolster PEPE for a higher rally. Today, the frog-themed meme coin has dipped by 1.63%, likely affected by a recent large-scale sale. 
Also Read: <a href="https://coingape.com/sponsored/pepe-and-this-ethereum-token-capture-investors-attention-as-elon-musks-ai-sets-1000-target-for-ripple-xrp/">PEPE and this Ethereum Token Capture Investors Attention as Elon Musk’s AI Sets $1000 Target for Ripple (XRP)</a> 
The on-chain data tracker Spot On Chain has reported a substantial transfer of 1.1 trillion PEPE tokens (valued at $14.2 million) by the whale address “0x837” to a Binance deposit address “0x0b1”. 
<blockquote class="twitter-tweet"> 
 In the past hour, whale “0x837” transferred 1.1T <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($14.2M) to the <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> deposit address “0x0b1”. Watch out if this will soon be unloaded to the CEX. 
 Note that the whale still has 300B <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($3.78M) left, and the estimated total loss from <a rel="nofollow" href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> is $1.7M (-5.69%). 
 Follow… <a rel="nofollow" href="https://t.co/5TETNGmibD">pic.twitter.com/5TETNGmibD</a> 
 — Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1805829248277790832?ref_src=twsrc%5Etfw">June 26, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to the data, the whale still retains a substantial holding of 300 billion <a href="https://coingape.com/markets/pepe-coin-price-analysis-43-5-in-open-interest-threatens-0-00001/">PEPE</a> (approximately $3.78 million). Despite this, the whale has already incurred an estimated loss of $1.7 million, which translates to a 5.69% drop in value. 
The transaction could indicate that smart money tends to reduce its risk in PEPE by not expecting a major move soon. 
However,&nbsp; the PEPE price currently shows its sustainability above the flag pattern which should assist a recovery of 37% to hit $0.0000174, followed by an extended rally to $0.00005. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">EMAs: The PEPE price reclaimed the 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Average</a> slope with the recent jump providing buyers with additional support to lead a new rally.</li> 
 <li style="font-weight: 400;" aria-level="1">RSI: The daily Relative Strength Index (RSI) slope back above 50% accentuates restoring bullish sentiment in the market.</li> 
</ul> 
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-bull-flag-break-whale-sell-off/">Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off

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