Connect with us

Pepe Coin Price

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

Published

1 month ago

on


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 chartPepe price chart
Pepe price analysis chart

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.

Why are Whales Accumulating PEPE?

Pepe whales are gearing up for positive price action as they have accumulated the token over the past 24 hours. According to IntoTheBlock data, the Pepe large holder net flow slipped back into the positive side between August 12 and 13, adding over $1 million to their stash.

PEPE NetflowPEPE Netflow
PEPE Netflow

Additionally, Coinalyze reports a 5.43% increase in Pepe’s open interest (OI), which indicates a rise in optimism and bullish sentiment among traders.

PEPE OIPEPE OI
Pepe open interest

Pepe also has a strong correlation with Ethereum, ERC-20 tokens, and EVM-based Layer 2 network solutions. With Yahoo Finance recognizing Grayscale’s ETF as a legitimate investment opportunity, Ethereum could gain more attention from traditional investors, potentially bringing in new capital. Given the high correlation, a win for Ethereum is likely to benefit the Pepe price as well.

CORRELATIONCORRELATION
Pepe coin correlation

In the coming days, Pepe coin price could break out of its current bullish setup, shifting market sentiment further toward the positive. If this breakout occurs, over $328 million worth of PEPE currently teetering between loss and profit could be saved.

IOMAPIOMAP
PEPE IOMAP

To achieve this, Pepe needs increased trading volume to push beyond the overhead resistance at the 200-day EMA. If successful, over 40.13 trillion PEPE could transition into profitability.

Frequently Asked Questions (FAQs)

As of the latest analysis, Pepe Coin is in a short-term bullish trend, although it remains below its 50-day and 200-day exponential moving averages (EMAs), indicating a broader downward trend.

Whales, or large holders of Pepe Coin, have been accumulating the token recently, indicating a bullish sentiment. Between August 12 and 13, Pepe whales added over $1 million worth of the token to their holdings. This accumulation suggests that whales are anticipating positive price action.

Pepe Coin has a high correlation with Ethereum and ERC-20 tokens. As Ethereum gains traction, especially with developments like Grayscale’s ETF being recognized by Yahoo Finance, this could have a positive impact on Pepe Coin’s price. A win for Ethereum often translates to gains for Pepe Coin.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

Pepe Coin

Pepe Coin Price Risks Sell-Off As Death Cross Looms Ahead of NFP Report

Published

2 weeks ago

on

September 6, 2024

By


Pepe coin price slid further in the last 24 hours as Bitcoin price dropped once more below $56,000. This happens against the backdrop of the highly anticipated Non–Farm Payrolls (NFP) report to be released on Friday, September 6, at 8:30 ET. The price of PEPE hangs at a dangerous position at a historic support level, risking a 26% drop if the data underperforms expectations. 

Non–Farm Payrolls Impact on Pepe Coin Price

The U.S. Non–Farm Payrolls (NFP) report provides valuable insights into the health of the economy by shedding more light on the U.S. job market. Market analysts and economists anticipate the report showing that the U.S. created 130,000 to 200,000 new jobs, with a net average of around 164,000 new jobs over August. In contrast, the July Jobs report came in at 114,000, lower than 206,000 in June. 

U.S. Non–Farm Payrolls (NFP REPORT)U.S. Non–Farm Payrolls (NFP REPORT)
U.S. Non–Farm Payrolls

If tomorrow’s NFP report comes in lower than the expected 164,000 or the unemployment rate remains elevated, the Fed will focus more on reducing unemployment and creating more jobs and resort to a 50 bp rate cut that is bearish since it may suppress economic growth and increase unemployment.

Bitcoin price often reacts to NFP data, and depending on how tomorrow’s report goes, the price of BTC may rise or drop lower. If it tanks, Pepe coin price may break below a key support level that could sink it 26% lower.

Escalating Death Cross Risks

Pepe coin price continues to trend lower as sell pressure overwhelms the entire market. The price of PEPE dropped by 3.2% over the last 24 hours to trade at $0.00000709. This price also coincides with the bottom of a range the meme coin has been in for the last 33 days.

If the PEPE price breaks below this support level, it may drop 26% lower to $0.00000520, a new yearly low following the August 5 crash. Additionally, the 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA from the top, which is a classic sign of an impending Death Cross. 

If this indicator completes forming, it may signal a prolonged downward movement for PEPE price. 

Pepe coin price analysis chart Pepe coin price analysis chart
Pepe coin price analysis chart

On the other hand, if tomorrow’s NFP report meets expectations, the Bitcoin price could rally, boosting the entire market. In this scenario, Pepe Coin price may avoid the looming bearish signal and surge 27% to $0.00000900. This move would push the asset above both EMAs, shifting the outlook from bearish to bullish.

Ultimately, the PEPE price is closely tied to the Ethereum price and, by extension, the Bitcoin price. Tomorrow’s report will likely determine the direction for Pepe Coin and the broader crypto market.

Frequently Asked Questions (FAQs)

The NFP report provides insights into the U.S. job market, influencing market trends, including cryptocurrency prices.

A Death Cross occurs when the 50-day EMA crosses below the 200-day EMA, signaling potential prolonged downward price movement.

If the NFP report meets expectations and Bitcoin rallies, Pepe Coin could rise 27%, shifting its outlook from bearish to bullish.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Pepe Coin Whale Bags 9 Tln Coins, PEPE Price Breakout Ahead?

Published

2 weeks ago

on

September 4, 2024

By


A recent Pepe Coin whale transaction has caught the eyes of investors today, with the PEPE price rising around 1% during writing. According to reports, a whale has purchased a massive amount of the crypto, signaling increasing confidence toward the leading meme coin. This move has sparked speculations over a potential breakout for the crypto, considering the growing market interest.

Pepe Coin Whale Buys 9 Trillion Coins

The leading on-chain transaction tracking platform, Whale Alert reported that an unknown whale moved 9 trillion PEPE from Bybit, one of the top crypto exchanges. The wallet address “0x88a…3Ade3” conducts the transaction, valued at over $64.55 million, showcasing robust confidence in the meme coin.

This substantial accumulation has caught the eyes of crypto market enthusiasts, fueling speculations over a potential price breakout. In addition, the bold move by the whale suggests growing optimism in the market, with many seeing it as a sign of renewed investors’ confidence in the leading meme coin’s potential.

Meanwhile, with this massive move, market analysts are keeping a close watch on the crypto’s price action. In addition, a flurry of market watchers are considering this significant whale move as a catalyst for a potential price breakout.

PEPE Price Breakout Ahead?

The sentiment on the leading meme coin appears to have faded lately, especially since May end of this year, when the crypto touched an all-time high of $0.00001718. In addition, the latest volatile scenario in the broader financial sector as well as in the crypto market also weighed on the meme coin’s performance.

As of writing, the PEPE price was up 0.93% to $0.000007298, with its trading volume soaring 45% to $521.55 million. Over the last 24 hours, the crypto has touched a high of $0.000007512 and a low of $0.000006896, indicating a highly volatile trading scenario. Besides, CoinGlass data showed that crypto’s Futures Open Interest dropped 6.46% to $81.14 million, indicating a still-bearish sentiment hovering in the market.

However, the latest Pepe Coin price analysis showed that recently a bullish signal flashed on the crypto’s weekly chart, which could trigger a rally of 260% in its price. In addition, it also showed that the last time the signal was spotted, the leading meme coin had rocketed 1600% in 98 days. Notably, according to the analysis, the meme coin could rally to a new high of $0.00001872 if it breaks a key resistance.

✓ Share:

Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Pepe Coin Price

Pepe Coin Price Risks Losing Major Support As Key Indicator Drops to Weekly Low

Published

3 weeks ago

on

August 28, 2024

By


Pepe coin price faces significant challenges as it hovers on the brink of losing a crucial support level. PEPE shows signs of vulnerability as a key technical indicator drops to its lowest point in a week. This decline raises concerns about its ability to maintain its current price levels, potentially signaling a further downturn if the support fails to hold. 

This comes as Bitcoin price lost its crucial $60,000 support. Concurrently, the PEPE price dropped 10.4% in the last 24 hours, while the entire crypto market lost 6.7% of its value in the same duration. Pepe coin profitability is down, but significant whale activity on the last day suggests that whales might be bagging more tokens at a discount. Where is the price of PEPE headed next?

Why is Pepe Coin Price Down?

The price of Pepe Coin (PEPE) took a hit early Wednesday morning, mirroring a broader market decline triggered by Bitcoin dropping below its critical $60,000 support level. Between August 26 and 27, BTC price saw a 3.4% decrease after losing the $63,500 support that had held steady for two days. This downturn can result from a worsening macroeconomic outlook and a dip in activity on the Bitcoin network, subsequently impacting altcoins like PEPE.

Despite this, large investors continue to show confidence in the market’s long-term potential. Notably, BlackRock purchased an additional 3,500 BTC today, taking advantage of the dip. This accumulation suggests that institutional players remain bullish, even as the market experiences short-term volatility.

As Pepe coin price approaches a crucial support level, on-chain metrics provide a glimmer of hope, indicating that the asset might still have room for recovery.

PEPE Daily Profit Ratio Hits a Weekly Low

According to data from Santiment, the drop in the price of PEPE may have resulted in a reduced daily profit ratio for the asset as it dropped to 0.34, its lowest since August 23.

daily profit ratiodaily profit ratio

For every Pepe Coin transaction closed in a loss, only 0.34 transactions were closed in profit, indicating that most PEPE transactions in the last eight hours resulted in losses.

This is supported by the Coinglass Crypto Derivatives Visual Screener, which shows that traders are opening more short positions on Pepe Coin.

MVRV Signals Pepe Coin Price is Underbought

Despite the drop in profitability, there was a sharp spike in trading activity on August 28, which came right after the sharp decline in the price of PEPE. The spike is the largest since August 24. During this recent spike, 2844 active addresses transacted over 1.07 trillion PEPE. In the same duration, there were 16 whale transactions of $100,000 or more and one transaction of $1 million or more.

PEPE whale transactionsPEPE whale transactions

Immediately after the spike around midnight UTC, the Pepe coin price began slowly rising. This suggests both whales and retail traders may have taken advantage of the dip to bag more tokens.

Additionally, the 30-day and 365-day Market Value to Realized Value (MVRV) ratio fell into the oversold zone, signaling Pepe Coin was becoming undervalued and due for a rebound soon.

MVRVMVRV

The next major support level for the PEPE price is around $0.00000700. If it fails to hold above that, the meme coin may drop lower to $0.00000600. Pepe Coin price trends inside a range after sporting a fake out on August 24.

If the Pepe coin price bounces from the $0.00000700 level, it may retest the upper boundary of the range around $0.00000900, which, if broken, could result in a 43% surge in price to $0.00001280.

Frequently Asked Questions (FAQs)

The next major support level for PEPE is around $0.00000700. If the price fails to hold above this level, it could drop further to $0.00000600.

Investors should keep an eye on whether PEPE can hold above the $0.00000700 support level and monitor the MVRV ratios for signs of undervaluation.

Yes, despite the recent drop, on-chain metrics suggest a potential recovery. Significant whale activity shows large investors buying discounted PEPE tokens, while the 30-day and 365-day MVRV ratios indicate PEPE may be undervalued, signaling a possible rebound soon.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon