Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off
Pepe Coin Price Analysis: In the fourth week of June, the crypto market saw signs of recovery as Bitcoin selling pressure decreased, stabilizing above the $60,000 mark. This shift sparked discussions of a market bottom on social media, accompanied by encouragement to buy the dip. Following suit, meme coins responded swiftly, with Pepe Coin emerging among the highest gainers. This movement pushed Pepe Coin to a two-week high of $0.0000135, effectively ending a month-long correction and setting the stage for a more robust rally.
Also Read: Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?
Will Correction Trend Extend? Whale Transfers 1.1 Trillion PEPE Tokens to Binance
Amid the recent market correction, the Pepe Coin price spent most of its June time in the correction phase. From the recent peak of $0.00001725, the meme coin dropped 42% to hit a low of $0.00000968.
This retracement managed to stabilize above the 50% Fibonacci retracement level indicating a healthy pullback for buyers to regain strength. In addition, the falling PEPE price resonated strictly within two downsloping trend lines indicating the formation of a flag pattern.
The bullish continuation is often spotted at major uptrends, providing short breaks to buyers before the next leap. Amidst the recent reversal from BTC, the PEPE price showcased a sharp reversal of $0.00001 psychological support.
The reversal uplifted the asset by 26% within three days to reach $0.0000127 and breached the flag pattern resistance. Sustainability this breakout will signal the end of correction and bolster PEPE for a higher rally. Today, the frog-themed meme coin has dipped by 1.63%, likely affected by a recent large-scale sale.
The on-chain data tracker Spot On Chain has reported a substantial transfer of 1.1 trillion PEPE tokens (valued at $14.2 million) by the whale address “0x837” to a Binance deposit address “0x0b1”.
In the past hour, whale “0x837” transferred 1.1T $PEPE ($14.2M) to the #Binance deposit address “0x0b1”. Watch out if this will soon be unloaded to the CEX.
Note that the whale still has 300B $PEPE ($3.78M) left, and the estimated total loss from $PEPE is $1.7M (-5.69%).
Follow… pic.twitter.com/5TETNGmibD
— Spot On Chain (@spotonchain) June 26, 2024
According to the data, the whale still retains a substantial holding of 300 billion PEPE (approximately $3.78 million). Despite this, the whale has already incurred an estimated loss of $1.7 million, which translates to a 5.69% drop in value.
The transaction could indicate that smart money tends to reduce its risk in PEPE by not expecting a major move soon.
However, the PEPE price currently shows its sustainability above the flag pattern which should assist a recovery of 37% to hit $0.0000174, followed by an extended rally to $0.00005.
Technical Indicator
- EMAs: The PEPE price reclaimed the 20-and-50-day Exponential Moving Average slope with the recent jump providing buyers with additional support to lead a new rally.
- RSI: The daily Relative Strength Index (RSI) slope back above 50% accentuates restoring bullish sentiment in the market.
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