Pepe Coin price staged a recovery while bullish momentum signals potential gains ahead
Pepe (PEPE), the third-largest meme coin, has seen a significant recovery, rising to $0.000021 on Tuesday, its highest level since Nov. 18 and marking a 260% increase from last year’s low.
The surge coincides with Bitcoin (BTC) nearing the crucial $100,000 resistance level, driving a wave of fear of missing out among crypto investors as the fear and greed index climbs to 85.
On-chain data reveals continued buying activity from Pepe whales. One whale reportedly moved $2.3 million worth of PEPE from Binance to a private wallet. Data from Llama Feed shows that whales purchased over $10 million worth of PEPE on Thursday, Nov. 21.
Someone spent 2M $USDC to buy 105.33B $PEPE in a single transaction!Address:0xd71c6b3760cfd22e50e5514d163986552a96930b pic.twitter.com/kDKmgptPEc
— Lookonchain (@lookonchain) November 21, 2024
Trading volume for PEPE has also spiked, with a 24-hour volume of over $5 billion, making it the second-most traded meme coin after Dogecoin, which recorded $10.2 billion in daily volume.
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Pepe Coin price could get supercharged
Pepe chart | Source: crypto.news
Pepe Coin’s chart indicates strong bullish signals that could propel the coin higher in the coming months. First, the token has formed a cup and handle pattern, with the upper side at $0.00001721, a historically bullish indicator.
Second, PEPE has moved above its 50-day and 200-day Exponential Moving Averages, suggesting bulls are firmly in control.
Third, a bullish engulfing candlestick pattern has emerged. This pattern, characterized by a large green candle fully covering the prior red candle, often precedes significant price breakouts.
In this case, the coin will likely rise and reach this month’s high of $0.000025, which is about 23% above the current level. A break above that level will invalidate the double-top pattern and point to more gains.
By measuring the distance between the cup’s upper and lower boundaries, technical projections estimate a potential price of $0.000045, representing an increase of approximately 110% from current levels. Conversely, a drop below the $0.000016 support would invalidate the bullish outlook.
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