PEPE
Pepe Coin Price Signals 30% Rally with Wedge Pattern in Play
Published
4 months agoon
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adminPepe coin price saw a 2.3% jump during Monday’s session as the crypto market experienced a relief rally. As Bitcoin attempts to reclaim $60,000, the volatile meme cryptocurrency sector, including Pepe, shows significant growth. Will this recovery continue, or are sellers waiting for a counterattack?
PEPE Coin Price Nearing a Crucial Breakout
For the past two weeks, the Pepe coin price showcased a sideway action resonating between the $0.000009 resistance and the lower trendline of the wedge pattern. A recent bearish reversal from overhead resistance plunged the asset by 18% to trade at $0.0000074. Consecutively, the market cap fell to $3.16 Billion.
The wedge pattern consists of two converging trendlines that indicate a prevailing trend’s losing momentum. The trendline as dynamic resistance and support leads the price to a narrow apex before a decisive breakout for the next directional rally.
Moreover, the Pepe coin has experienced a notable surge in Open Interest over the past week. Data from Coinglass reveals that Open Interest jumped from $63 million to $92 million, marking a significant increase of 46%.
This sharp rise in OI suggests growing investor interest and increased participation in the market, indicating that traders are positioning themselves for potential volatility or upcoming price movements.
If the selling pressure resumes, the PEPE price may plunge 15% to seek support at the lower trendline. Previously, a reversal from this support led to a 72% rally to hit $0.000013 in late July, indicating a high accumulation zone for buyers.
If history repeats, the PEPE price will rally 30% to $0.0000098 to challenge the resistance trendline of the wedge pattern. A bullish breakout from this resistance will signal the end-of-correction trend.
On the contrary note, the coin price trading below the daily Exponential Moving Averages (20, 50, 100, and 200) hints the path to least resistance is down. A potential breakdown from the lower trendline will invalidate the bullish thesis and prolong a downfall to $0.00000463.
Frequently Asked Questions (FAQs)
The wedge pattern, characterized by converging trendlines, suggests that Pepe coin is nearing a crucial breakout point.
The key levels include the $0.000009 resistance and the lower trendline of the wedge pattern. A breakout above resistance could target $0.0000097 with 30% growth
Pepe coin’s Open Interest surged by 46%, from $63 million to $92 million, signaling growing investor interest and increased market activity.
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
Published
2 weeks agoon
December 9, 2024By
adminThe 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.
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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.
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.
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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.
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
Published
2 weeks agoon
December 9, 2024By
adminMeme 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
Published
3 weeks agoon
December 2, 2024By
adminA 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.”
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.”
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.”
At time of writing, JUP is trading at $1.14, a marginal decrease in the last 24 hours.
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