PEPE has captured the attention of investors with its recent strong performance, pushing towards a major resistance level that could pave the way for a significant breakout. Here’s a closer look at why PEPE could be on the cusp of a substantial price surge.
Signs of a Breakout: Bullish Pattern Forming
Last week, PEPE experienced a notable rally, climbing over 21% in value, bringing excitement to its investors. This surge pushed PEPE closer to a key resistance level, sparking speculation about a potential breakout that might trigger a 200% price increase.
Currently trading at $0.00001098, PEPE’s recent price momentum has led to profits for over 243,500 investors, which is more than 77% of the total PEPE wallet addresses, according to data from IntoTheBlock.
In a recent analysis, crypto analyst World Of Charts shared insights into a bullish pennant pattern that has been forming on PEPE’s chart. This pattern, which emerged in March, has seen PEPE consolidating within a specific price range. The memecoin is now testing the upper boundary of this pattern, and if it breaks through, a significant price upswing could follow in the coming months.
Assessing the Breakout Potential
With PEPE challenging this resistance level, on-chain data from Santiment reveals that buying activity is building. Specifically, the coin’s supply outside exchanges has been growing while its supply on exchanges has been decreasing—a sign of reduced sell pressure as more investors hold onto their tokens.
Additionally, large holders, or “whales,” are demonstrating confidence. Recently, whales added 5.5 million USDT on Binance to purchase 535.81 billion PEPE, a transaction worth over $5 million. However, some slight selling activity from top addresses has also been noted, suggesting a degree of profit-taking amidst the price increase.
Despite this, overall sell pressure remains low. Data from Hyblock Capital shows a drop in PEPE’s sell volume, signaling that investors are opting to hold onto their positions—a positive signal for further price strength.
What the Technical Indicators Suggest
Examining PEPE’s daily chart, technical indicators reveal that the coin’s price recently touched the upper band of the Bollinger Bands, a point often followed by brief price corrections. Should such a correction occur, PEPE might retrace to its 20-day Simple Moving Average (SMA) support level before potentially moving higher again.
With a bullish pattern in play, low selling pressure, and strong whale interest, PEPE’s next price move will be closely watched by the market. If it can clear this key resistance, a substantial rally may be on the horizon.
Stay Informed
Follow our blog for the latest news, updates, airdrops, and other ways to earn crypto assets easily and often for free. If you find this information useful and would like to receive more updates, you can support the project with a small contribution, allowing us to continue providing valuable information to all crypto enthusiasts.
Bitcoin: bc1q20zx0j2fmmk9jca49hanrk2gl3hgqtysuy6fsv
Ethereum: 0x2132aa994E6b0cb0Bc86074Cb75624FAC71b8548
Doge: DJb9299NMr8kWfqNLwZkbaV7P5kgEANHWB
Solana: CMNBYVJi3Z8axYnu44YKpHhsyrKc3ZtszcznaYEguhSA
Follow Us on Social Media
Facebook: https://www.facebook.com/CriptoCanadas/
Instagram: https://www.instagram.com/cryptocanadas/
Twitter: https://twitter.com/cc4n4d4s
Tangled: https://tangled.com/u/cryptocanadas
Sem comentários:
Enviar um comentário