Pepe Coin Price Analysis: A detailed analysis of the recent PEPE price correction, including insights into whale movement and technical patterns, predicting a possible 37% recovery and further rally.
emphasize
PEPE price broke out of the flag pattern, suggesting that the current uptrend will continue.
Memecoin’s move back above the key daily EMAs (20, 50, 100, and 200) suggests that the path of least resistance is to the upside.
Pepecoin’s 24-hour trading volume is $1.07 billion, a gain of 28%.
Pepe Coin Price Analysis: In the fourth week of June, the cryptocurrency market showed signs of recovery as Bitcoin selling pressure declined, stabilizing above $60,000. The shift sparked discussions on social media about the market bottoming out and encouraged buying on dips. The meme coins quickly followed suit, with Pepe Coin becoming one of the biggest gainers. The move pushed Pepe Coin to a two-week high of $0.0000135, effectively ending a month-long correction and setting the stage for a stronger rebound.
Will the Corrective Trend Continue? Whales Move 1.1 Trillion PEPE Tokens to Binance
Pepe Coin Price Analysis
Amid the recent market correction, Pepe Coin’s price has been in a correction phase for much of June. From its recent high of $0.00001725, the meme coin has lost 42% to a low of $0.00000968.
The pullback managed to stabilize above the 50% Fibonacci retracement level, indicating a healthy pullback by buyers to regain strength. Moreover, the decline in PEPE’s price resonated strictly within two descending trendlines, indicating the formation of a flag pattern.
Bullish continuations usually occur during a primary uptrend, providing buyers with a brief respite before the next leap. In the recent reversal of BTC, PEPE price showed a sharp reversal of the psychological support level of $0.00001.
The reversal has seen the asset rise 26% in three days to $0.0000127 and break above the flag pattern resistance. If sustained, this breakout would signal the end of the correction and support PEPE for a higher rally. Today, the frog-themed meme coin is down 1.63%, likely affected by the recent massive sell-off.
On-chain data tracker Spot On Chain reported that the huge fund address "0x837" transferred 1.1 trillion PEPE tokens (worth $14.2 million) to the Binance deposit address "0x0b1".
The data shows that the whale still holds a huge stake of 300 billion PEPE (about 3.78 million US dollars), but despite this, the whale has lost about 1.7 million US dollars, a drop of 5.69% in value.
This transaction may indicate that smart investors prefer not to expect major changes in PEPE anytime soon in order to reduce their risk in PEPE.
However, PEPE price is currently showing sustainability above the flag pattern, which will help in a 37% rally to $0.0000174 and later an extension to $0.00005.
Technical indicators
EMA: PEPE price has recaptured the slope of the 20-day and 50-day exponential moving averages and the recent rise has provided additional support to buyers, leading a fresh rally.
RSI: The daily Relative Strength Index (RSI) has risen back above 50%, highlighting the resumption of bullish sentiment in the market.
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