On Monday, the Meme cryptocurrency witnessed a notable inflow outperforming the other section amid current market consolidation. Within this memecoin sector, the PEPE coin experienced special attention as the asset increased over 15% today in Asian trading hours and reached a new All-time High of $0.00001128. Will this momentum sustain as the leading digital asset Bitcoin continues to waver at $60000?

Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index

Pepe Coin Recovery Faces Challenges Amid Whale Profit-Taking

Pepe Coin| Tradingview

The ongoing recovery in Pepe Coin price can be followed using an emerging support trendline in the daily chart. This dynamic support has uplifted from $0.00000393 to $0.00001096 within a month, registering a 178.85 gain.

With a notable upsurge in the Meme sector this week, the PEPE price gave a decisive breakout from the previous all-time high of $0.00001084 and hit a new high of $0.00001128. However, a daily candle closing above the breached level is needed to better confirm a prolonged rally.

As per the traditional pivot level, the PEPE coin is a price discovery mode that can witness overhead supply at $0.0000138 and $0.0000167, coinciding with the R2 and R3 for the Pivot level.

Also Read: Can Pepe Coin Become A Top 10 Cryptocurrency On CoinMarketCap In May?

However, an on-chain data tracker SpotOnChain, recently highlighted significant profit-taking activities by whales in the PEPE cryptocurrency market, following a record-setting surge in its price. 

One early holder of PEPE, identified by the wallet address 0x647, notably deposited 250 billion PEPE tokens (valued at $2.69 million) into Binance. This investor still retains 42.4 billion PEPE, valued at $424,000, realizing an enormous profit of $3.96 million, an increase of 8,833% on their initial investment.

Another prominent whale, operating under the wallet address 0xa4f, moved 123.7 billion PEPE for $1.31 million Coin (USDC), earning a 20.5% profit of $223,000 after just three days.

These heavy transactions indicate that smart money traders are expecting more major movement in PEPE price or a possibility of fresh correction.

If the overhead supply prevents PEPE from further gain, the aforementioned support trendline will be a key support for buyers to maintain the recovery trend.

Technical Indicator

  • Average Directional Index: The daily ADX slope uptick at 22% hints the renewed recovery is still in the early stage and buyers have sufficient momentum to lead a higher rally.
  • Traditional Pivot levels: The R3 Pivot level indicates the recently breached $0.0000092 will act as suitable pullback support for PEPE buyers.

Related Articles

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link