Price: $0.19500 -2.6156%
Market Cap: 28.61B 1.1443%
Volume (24h): 4.13B 0.2%
Dominance: 1.1443%
Price: $0.19500 -2.6156%
Market Cap: 28.61B 1.1443%
Volume (24h): 4.13B 0.2%
Dominance: 1.1443% 1.1443%
  • Price: $0.19500 -2.6156%
  • Market Cap: 28.61B 1.1443%
  • Volume (24h): 4.13B 0.2%
  • Dominance: 1.1443% 1.1443%
  • Price: $0.19500 -2.6156%
Home > Information news > Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off

Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off

Release: 2024/06/26 20:03 Reading: 241

Original author:CoinGape

Original source:https://coingape.com/markets/pepe-coin-price-analysis-bull-flag-break-whale-sell-off/

Pepe Coin Price Analysis: Bull-Flag Breakout Outshines Whale Sell-Off

Pepe Coin Price Analysis

In June's fourth week, the crypto market displayed signs of recovery as Bitcoin's selling pressure eased, stabilizing above $60,000. This shift ignited discussions on social media about a market bottom, prompting calls to "buy the dip."

Meme coins responded rapidly, with Pepe Coin emerging as a top gainer. This momentum pushed Pepe Coin to a two-week high of $0.0000135, reversing a month-long correction and paving the way for a stronger rally.

Pepe Coin Correction and Whale Transfer

During the recent correction, Pepe Coin spent much of June in a downtrend. From its peak of $0.00001725, the coin dropped 42% to a low of $0.00000968.

However, the retracement stabilized above the 50% Fibonacci retracement level, indicating a healthy pullback that allowed buyers to regain strength. Additionally, PEPE's price moved within two downsloping trend lines, forming a flag pattern.

Bullish continuations often occur after major uptrends, providing brief pauses for buyers before the next surge. With Bitcoin's recent reversal, PEPE's price reversed sharply from the $0.00001 support.

This reversal lifted the asset by 26% over three days, reaching $0.0000127 and breaking through the flag pattern resistance. Sustaining this breakout would signal the end of the correction and position PEPE for a higher rally. Today, the meme coin has dipped by 1.63%, potentially influenced by a recent large-scale sale.

The on-chain data tracker Spot On Chain reported a significant transfer of 1.1 trillion PEPE tokens (worth $14.2 million) from whale address "0x837" to a Binance deposit address.

Technical Indicators

  • EMAs: Pepe Coin has reclaimed the 20- and 50-day Exponential Moving Averages, providing additional support for a new rally.
  • RSI: The daily Relative Strength Index (RSI) is back above 50%, signaling a restoration of bullish sentiment.

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