Pepe Price Struggles After Breaking ATH: Is A Pullback On The Horizon For Pepecoin?
The meme coin market is experiencing a resurgence as demand rises across the cryptocurrency market. Pepecoin is surging towards its previous all-time high amid Bitcoin's push towards $65,000, although analysts are cautious about a potential pullback.
Pepe's market cap now stands at $4.6 billion, with a trading volume of $3.6 billion in the past 24 hours, marking a 2% growth despite market fluctuations. It currently ranks 23rd in the crypto market according to CoinMarketCap.
The ongoing upward trend is expected to continue due to increased trading activity. Large transactions for Pepe have surged by 443%, boosting buying sentiment around support levels. However, the volatility metric is declining, possibly signaling a bearish pullback.
A notable whale, identified by the address 0xe7d0, has made significant profits with Pepe. They initially invested $1.56 million USDT to acquire 1.40 trillion PEPE, which has now grown to $13.9 million. Recently, they sold a portion, recovering their initial investment. If they liquidate all holdings, it could lead to a price drop.
Pepe's current price faces bearish pressure, hovering around $0.0000102 after a recent high of $0.0000116. Buyers aim to maintain it above the EMA20 trend line for a potential rise to $0.0000116 and beyond. However, breaking below support at $0.00001-$0.000008 could signal a bearish pattern, with a possible drop to $0.0000055.
The long/short ratio for Pepe suggests over 54% anticipate a bullish turnaround in the near term.
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