PEPE coin price eyeing new highs as whales accumulate

Whales in the PEPE ecosystem are beginning to accumulate the dip, possibly a predictable move, as the crypto market is poised to climb once BTC breaks out of its consolidation phase. The domino effect means that altcoins are making their moves on the price charts. While the range may be defined within a limited scope, there is a possibility that an upward trajectory will enter the picture in the next 2–3 months.

To clarify, that is merely a possibility, with volatility being a factor that is very likely to spoil the fun at any given moment.

PEPE is looking to surpass its ATH of $0.000009977, which it recently achieved on the trading board. The current value is rather optimistic at $0.00000845. The next resistance is set at $0.00000913, which could pave the way for a rise to $0.00001. The frog-themed meme coin has shed nearly 2.94% in the last 24 hours and 2.71% in the last 7 days, but markets are bullish for the future.

Technical indicators like the Vortex Indicator and Pivot Levels mark a recovery trend. The Vortex Indicator shows that the VI+ slope is above VI-. Pivot Levels have identified two resistance zones: $0.0000113 and $0.000014, both of which are on the higher side. The headlines about the withdrawal of 350.2 billion PEPE tokens could have triggered a bullish trend.

A trader identified as Oxa14 has removed those numerous tokens from Binance. They roughly translate to a value of $2.92 million. For reference, PEPE values were $0.00000849 at the time this article was written. The traders have deemed the withdrawal strategic due to their cumulative profit of approximately $2.59 million from the token. Analysts have also said that this makes Oxa14 really good at swing trading.

PEPE coin has seen a 45.45% rise in the last 30 days, as well as a 20.34% increase in 24-hour trading volume. The market cap has taken a hit; however, the portion amounts only to 1.07%, a point easy to recover given that BTC has sustained a milestone of $60,000. A decline in dominating crypto could eventually work in favor of altcoins once again, but the token value will lose momentum for some time.

A short-term target is to check if PEPE goes beyond the ATH. Its price has broken out of the neckline resistance of inverted H&S signals, demonstrating that a sustainable recovery trend is on the table. PEPE has been close to marking a bull run since May 4, 2024, and it is only safe to assume that a bull run would not be exciting since there is already speculation.

In the crypto market, buying a dip has been advantageous. More people are exploring meme coins due to their lower trading risk. Bitcoin’s upward trajectory could fuel the PEPE upswing. For now, trends are hinting at a possible sustainable recovery.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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