Pepe Coin Price Analysis: Amid the ongoing market rebound, the Pepe Coin experienced a notable recovery this week, escalating from $0.00000592 to its current trading price of $0.00000842. This 42% upswing in the daily chart revealed the formation of an inverted head and shoulder pattern. This bullish reversal setup commonly observed in the market’s local bottom indicates a shift in market dynamic from selling on rallies to buying on dips.
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On-Chain Indicators Align for Pepe Coin’s Recovery
PEPE, the Frog-themed Memecoin entered its current recovery trend in mid-April as its price rebounded from a $0.00000393 low. The bullish turnaround propelled the asset 128% within a month to a high of $0.00000893,
Amid this recovery, the PEPE coin price projected two higher low formations indicating the buyers are actively accumulating this asset at dips. Moreover, In a recent on-chain activity, the multisig wallet identified by the address 0x323 made significant moves with the cryptocurrency PEPE, as reported by the on-chain data tracker Spot On Chain.
A multisign wallet 0x323 withdrew 915.85B $PEPE ($7.75M) from #Binance at $0.000008466 ~ 10 mins ago.
In the past 28 hours, the wallet has withdrawn 1.238T $PEPE ($10.4M) from the CEX for the first $PEPE trade.
Set the alerts for the wallet via our @spotonchain platform at… pic.twitter.com/tcmCKxqMdn
— Spot On Chain (@spotonchain) May 5, 2024
This wallet withdrew 915.85 billion PEPE tokens, valued at approximately $7.75 million, from Binance. This transaction adds to the wallet’s recent activities over the past 28 hours, during which it has withdrawn a total of 1.238 trillion PEPE tokens (valued at around $10.4 million) for its initial trade involving this cryptocurrency.
Amid the renewed recovery sentiment, this activity accentuates higher growth potential for the PEPE price.
On May 4th, the coin buyers gave a decisive breakout from the $0.000008 neckline resistance of inverted head and shoulder pattern. If the chart pattern holds true, the PEPE price should surpass the last swing resistance of $0.0000108 to hit a potential target of $0.000012.
Technical Indicator
BB Indicator: The uptick in the upper boundary of the Bollinger band indicator highlights an active buying momentum among market participants.
Average Directional Index: An upswing in ADX slope at 16.6% indicates the prior correction assisted buyers in regaining their strength for the higher rally.
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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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