🐸 Ethereum - Based Meme Coin Pepe Price Could Bounce 24% as Whales Accumulate

Despite a broader downward trend, whale accumulation and market optimism suggest Pepe price might surge if key resistance levels are broken.

Pepe price is poised for a potential breakout, riding a short-term bullish trend. Over the past few weeks, the price of PEPE has surged in tandem with increased Ethereum ETF inflows, highlighting its correlation with the second most popular crypto asset. Active accumulation by Pepe whales signals anticipation of further price increases. As Ethereum gains traction in traditional finance, meme coins like Pepe may outperform many other cryptocurrencies.

🔸 #Pepe Price Analysis Reveals Indecision

The price of Pepe coin increased by 2.9% in the last 24 hours to trade at $0.00000821. However, the asset is overall in a downward trend since the price is below both the 50-day and 200-day exponential moving averages (EMAs). 

The recent price action shows some consolidation within a symmetrical triangle pattern, which could indicate a period of consolidation before a breakout. The direction of the breakout will determine the next significant move for PEPE. 

Pepe faces resistance around $0.00000890 and $0.00000969. If the price breaks above the latter, PEPE coin price may extend gains by 24% to reach $0.00001200. Conversely, if bears prevail, the PEPE price may find lower support around $0.00000800 and 0.00000700. 

According to CoinGecko data, the volume was relatively low during the consolidation phase. This is typical of a pattern nearing a breakout, and a volume spike will be necessary to confirm the direction of the breakout.

The Relative Strength Index (RSI) at 48 suggests a lack of strong momentum in either direction but also that there is room for a potential move either up or down.

PEPE price is currently at a critical point within the market structure. While the symmetrical triangle suggests indecision, whale accumulation sheds some light as to which direction Pepe is likely to take.