Pepe Coin Price Analysis As Trading Volume Plunges 20% To $742M, Is 2024 Bull Run Over?

Pepe Coin Price Analysis: Recent Market Dynamics

Since the weekend, Bitcoin has been consolidating, struggling to maintain its position above $65,000. This stagnation has impacted altcoins like Pepe coin, which has retreated from its resistance level of $0.00000920. Over the past three days, Pepe coin has experienced a 10% decline in value. However, the low trading volume suggests a lack of conviction among sellers.

Potential for a Rally to $0.00001

Read also: Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?

Whale Selling Raises Concerns

Bullish Momentum Prior to Consolidation

Over the past three weeks, Pepe coin has witnessed a steady recovery, forming a higher low higher high pattern on the daily chart. This bullish rally resulted in 113% growth, with the price rising from $0.00000393 to $0.00000918.

During this rally, Pepe coin formed an inverted head and shoulder pattern, a bullish reversal pattern that signals a potential change in trend and renewed accumulation.

Retest and Consolidation

On May 4th, Pepe coin broke out from its neckline at $0.000008, encouraging buyers to drive a sustainable recovery. However, with Bitcoin's weekend consolidation, Pepe coin has retested the breached resistance, allowing buyers to demonstrate its resilience for a higher rally.

Whale Transaction Raises Speculation

Spot On Chain recently tracked a significant Pepe coin transaction where a multisign wallet deposited 1.238T PEPE ($10.6M) into Binance, causing a 5.2% price drop. This whale held the PEPE for only three days and, if sold, earned a modest 1.28% profit ($134K). This transaction has raised speculation about potential insider knowledge influencing the sale.