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PEPE

Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights

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The crypto market started the new week on a bearish note after Bitcoin suddenly dropped to $66700 on Monday. The BTC price witnessed intense supply pressure of $70000, which has stalled the recovery trend in the altcoin market since last week. Amid the sell-off, the Pepe coin records an intraday loss of 1% to hit $0.0000116, prolonging its breakout from the inverted head and shoulder pattern.

Also Read: Breaking: US Government Transfers 29,800 Bitcoin From Silk Road

77% of PEPE Coin Holders in Profit: Is a Major Price Breakout Imminent?

Despite the broader market recovery, the Frog-themed meme coin PEPE has showcased a sluggish trend over the past two weeks. The price, forming alternate green and red candles in the daily chart, shows no clear initiation from buyers or sellers to drive the asset.

The daily RSI slope wavering at 50% accentuates a neutral sentiment among market participants.

However, a deeper technical chart analysis shows this consolidation as an accumulation trend before an inverted head-and-shoulder breakout. The bullish reversal pattern is commonly spotted at the market bottom and projects a clear change in market sentiment with a new high-low formation.

BINANCE:PEPEUSDT Chart BINANCE:PEPEUSDT Chart
Pepe Coin| Tradingview

The PEPE coin price currently trades at $0.0000116, with a market cap of $4.88 Billion. A potential breakout from the neckline resistance will signal a significant reversal and provide buyers with suitable support for a further rally.

According to the chart dynamic, the post-breakout rally may drive the asset 40% higher to a new high of $0.000018.

Also Read: Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure

The Global In/Out of the Money (GIOM) metric for Pepe Coin presents a positive outlook. Currently, 77% of PEPE coin addresses are ‘in the money’ (showing profits), whereas only 11% are ‘out of the money’ (incurring losses). This distribution hints at potential price stability, as most investors are in a profit-will-uplift panic selling scenario.

GIOM MetricGIOM Metric
GIOM Metric| Intotheblock

Approximately 35,230 addresses that acquired 56.5 trillion PEPE at prices between $0.0000110 and $0.0000130 are breakeven. A potential breakout from the Inverse Head and Shoulders (H&S) pattern would also propel these holders into profit. Additionally, the tiny red spheres on the GIOM chart indicate minimal resistance for PEPE to reach its all-time high.

The 50D and 100D EMA wavering close to $0.0000108 creates a strong buyer support zone. Thus, a breakdown below this support could invalidate the bullish thesis and plunge the asset 12% to hit an ascending trendline since April 2024.

Defending this support is crucial for buyers, as a further breach could lead to a major correction.

Frequently Asked Questions (FAQs)

No trend remains same in an asset indicate the PEPE price is poised for a major move. Amid the bullish inverted head and shoulder pattern the market dynamic lean in buyers favour.

‘In the money’ refers to a situation where the current price of an asset is higher than the purchase price, resulting in a profit for the holder.

The Relative Strength Index (RSI) measures the speed and change of price movements, providing insight into overbought or oversold conditions.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.





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Analyst

PEPE Price Hits $0.000027 ATH, On-Chain Data Says These Are The People Driving It

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Este artículo también está disponible en español.

The PEPE price recently reached a new all-time high (ATH) of $0.00002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle. This rally to a new PEPE all-time high was driven by increased whale activity and accumulation.

Whale Accumulation Fuels PEPE’s Bullish Momentum

Data shared by crypto analyst Ali Martinez on social media platform X highlights that PEPE whales recently added $1.14 billion in PEPE to their holdings, pushing the total whale-controlled amount to $7.56 billion. This plays into a bullish run over the weekend, which saw PEPE’s market cap surpass $10 billion for the first time. At the time of writing, PEPE has a market cap of about $11.17 billion, meaning this holder cohort now controls about 67% of the total market cap.

Interestingly, on-chain data shows the surge in whale accumulation didn’t just start yesterday. IntoTheBlock’s Balance By Holdings In USD metric shows a 30-day increase of 147.81% in the holdings of addresses holding more than $10 million worth of PEPE tokens. These large holders have been on an accumulation trend, with a massive $1.14 billion purchase coming in on December 7 alone. 

Other holder cohorts have also significantly expanded their positions over the past month. Addresses holding between $1 million and $10 million worth of PEPE recorded a 119% increase in their holdings during this period, while those holding between $100,000 and $1 million saw a 108% rise. Mid-tier investors with holdings between $10,000 and $100,000 registered an 84.25% growth in their balances, while even smaller holders with $1,000 to $10,000 worth of PEPE saw their holdings increase by 55.29%.

This increase in accumulation from all cohorts has increased the buying pressure on PEPE, which in turn has allowed the meme cryptocurrency to surge in value by 150% in the past 30 days.

PEPE Price
Source: IntoTheBlock

Exchange Listings And Accessibility Boost PEPE’s Popularity

Another notable driver behind PEPE’s record-breaking performance is its growing accessibility after listing on major crypto exchanges. PEPE has been added to crypto exchanges like Coinbase, Robinhood, and Binance US in the past few days, which has significantly increased its exposure to retail and institutional investors in the US These listings have made it easier for a broader audience to trade and invest in the meme cryptocurrency.

The impact of these listings has been profound, especially as the industry is currently in a bull phase. At the time of writing, PEPE is trading at $0.00002616, representing a 3.5% increase in the past 24 hours. PEPE’s bullish trajectory appears set to extend further as whale and retail accumulation continues.

PEPE price chart from Tradingview.com
Price struggles with bearish pressure | Source: PEPEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Markets

PEPE Flips UNI and LTC, Surges Past $11 Billion Market Cap to New Record

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Meme coin Pepe (PEPE) has reached new heights, breaking past a market cap of $11.37 billion and overtaking Uniswap (UNI) and Litecoin (LTC). 

The feat comes as Bitcoin (BTC) crossed the $100,000 threshold for the first time, marking a renewed wave of optimism across the crypto market. 

PEPE has witnessed a 4.5% surge in the past 24 hours, achieving an all-time high price of $0.00002708, per CoinGecko data. The asset is now ranked 23rd overall by market cap.

Meme coins are thriving this year, especially since the launch of the controversial Solana-based meme coin launchpad Pump.fun which allows anyone to create a token for free. 

This year’s rally has made PEPE one of the market’s most-watched tokens, with a 150% increase over the last 30 days and a 1,900% year-to-date gain.

Analysts credit a combination of whale activity and increased accessibility through platforms like MoonPay for the meme coin’s continued success.

Crypto analyst Ali Martinez reported whales increased their PEPE holdings by $1.14 billion over the weekend, nodding to strong institutional interest. Historically, such accumulation has preceded price rallies, as whales lay the foundation for bullish momentum. 

The whale activity surge comes alongside PEPE integration into MoonPay, as the crypto payment service now allows over 20 million users across 180 countries to purchase the token via platforms like Apple Pay and Venmo.

As Bitcoin leads the charge and meme coins ride the wave of investor enthusiasm, the market is seeing a reshuffling of top-ranking digital assets.

Launched in April 2023, PEPE is based on the iconic “Pepe the Frog” internet meme created by artist Matt Furie in 2005.

The token initially gained traction as a community-driven project, rallying supporters who embraced its lighthearted nod to internet culture.

Edited by Sebastian Sinclair

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Altcoins

Santa Rally Incoming? Top Crypto Trader Predicts Upside Bursts for Dogecoin, PEPE and One Solana-Based Altcoin

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A crypto strategist known as a “Master Trader” on the digital asset exchange Bybit believes three altcoins are gearing up for more rallies.

Pseudonymous analyst Bluntz tells his 299,900 followers on the social media platform X that Dogecoin (DOGE) looks poised to witness fresh bursts to the upside after respecting support at around $0.36.

“You didn’t get bored of DOGE and leave to go chase the newest shiny thing did you?

Things are about to get fun again, in my opinion.”

Image
Source: Bluntz/X

At time of writing, DOGE is trading for $0.432, a 3.45% increase in the past 24 hours.

Turning to fellow memecoin Pepe (PEPE), Bluntz believes that the altcoin is back to bullish mode after breaching its diagonal resistance.

“PEPE downtrend memeline officially broken.”

Image
Source: Bluntz/X

At time of writing, PEPE is worth $0.0000209, a 2.7% surge in the past day.

As for the native asset of the Solana (SOL)-based decentralized exchange (DEX) aggregator Jupiter (JUP), the crypto strategist thinks the altcoin is primed to move higher after shattering a diagonal resistance.

“JUP breaking out, the Santa rally is gonna be lit this year.”

Image
Source: Bluntz/X

At time of writing, JUP is trading at $1.14, a marginal decrease in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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