Pepe Coin Price Analysis: 20% Correction Looms Amid Declining Volume.
Pepe Coin Price Analysis: PEPE coin sees a 300% rise over six weeks, driven by an ascending trendline. Despite weakening momentum with Bitcoin's consolidation above $65K, PEPE's trajectory shows potential.
Pepe Coin Price Analysis: The fourth week of May has been notably bullish for Pepe coin, which saw its price surge from $0.00009 to $0.000016, marking a 79% increase. This rally was primarily driven by the recent approval of spot Ethereum and Bitcoin nearing the $70,000 mark. However, this week, PEPE's recovery momentum has slowed, accompanied by decreasing trading volumes, indicating the potential onset of a new correction trend.
PEPE Team Cashes Out $2.28M in Tokens as Price Hits New ATH.
An analysis of the daily time frame
shows that the PEPE coin price has
been riding a steady recovery for the
past six weeks under the influence of
an ascending trendline. The series of
new higher lows indicate an active
accumulation trend which uplifted this
memecoin from $0.00000393 to
$0.000016 recording a 300% jump.
However, with Bitcoin.
consolidating above $65,000 for over a week, the altcoin market has shown signs of weakening bullish momentum. PEPE coin mirrored this trend, evidenced by the formation of short-bodied candles and decreasing trading volume, indicating a potential slowdown in its upward trajectory.
Moreover, the on-chain tracker's Spot On Chain reported notable activity involving the PEPE token. The PEPE development team sold 21.49 billion $PEPE ($355K) on Binance and DEXS after the token's price soared 134% in 30 days to a new ATH. Since late February, the team has sold 282.8 billion $PEPE ($2.28M) at an average price of $0.000008067, often before price drops. Currently, the team holds 2.52 trillion $PEPE ($42.7M).
If the overhead supply intensifies, the PEPE price could plunge around 20% to revisit the aforementioned trendline. Until this dynamic support is intact, the Frog-themed memecoin could prolong the current uptrend.
