Pepecoin price is correcting after surging to a daily high of $0.00001480. Despite a 10.6% drop in the past 24 hours, PEPE price is still up 37% in the past week and its trading volume surged to a 3-month high after a bullish breakout. Can PEPE price surge 15x after breaking through five-month resistance?
Pepe Coin trading volume hits 3-month high, price breaks all-time high
Coingecko data shows that the popular meme coin has a daily trading volume of over $7.23 billion across three chains (BSC, Ethereum, and Arbitrum One) and multiple exchanges, indicating a surge in trader interest and activity. The last time such volume levels were reached was during the August 5 crash.
Increased activity around a token can increase price volatility as more buyers and sellers enter the market. The Average Directional Index (ADX) indicator, which tracks an asset’s volatility, confirms that Pepe’s trading activity is increasing.
Crypto analyst CryptoZeus said the PEPE price is looking “extremely bullish,” as predicted the frog-themed memecoin will soar to the moon in the “most exciting bull run ever.”
Bullish Indicators: Can PEPE Prices Rise 1,500%?
The current trend is bullish as Pepecoin price is above the 50-day and 200-day simple moving averages (SMA), with the 50-day SMA acting as support. The breakout of the triangle consolidation pattern also suggests bullish momentum.
The recent candlesticks show strong upside momentum, indicating buying pressure.
A surge in volume upon a breakout of a consolidating triangle indicates strong interest and a possible trend reversal. Sustained high volume will confirm the strength of the breakout and could lead to a sustained rally.
The chart suggests that an impulse wave structure may form after the breakout. The upside target may correspond to the wave extension, with an expected target of 0.00019749, which coincides with the end of potential wave 3.
If the bears push the price back into the triangle, the current breakout will be deemed a false breakout and the bullish thesis will be invalidated.
Key levels to watch include $0.00002214 and $0.00002798, which coincide with the 0.27 and 0.618 Fibonacci Extension levels respectively. Conversely, the key support area is the 0.38 Fibonacci Retracement level at $0.00001119.
Whales drive Pepe Coin price up
IntoTheBlock data shows that the number of large PEPE transactions has surged in the past week, from 100 to more than 1,020 in a week. Subsequently, the inflow of large holders has soared 104% in the past 7 days and 195% in the past month.
When large investors, often referred to as “whales,” increase their activity, it can indicate strong confidence in the potential of a crypto asset, leading to increased price volatility and potentially pushing prices higher due to increased demand.
