Crypto: This memecoin soars 47% after bitcoin halving.
Release: 2024/04/26 17:49 Reading: 890
The Altcoin Market Responds to Bitcoin Halving
The quadrennial Bitcoin halving event, a significant market catalyst, occurred last weekend. Just six days later, certain tokens have exhibited exceptional growth, including the PEPE cryptocurrency.
PEPE Finds Support at $0.00000463
In a recent article, we identified PEPE as one of 10 promising cryptocurrencies under $0.1. Its recent performance has validated our assessment. PEPE experienced a sharp decline from $0.0000108 to $0.00000393.
However, a reversal has taken place post-halving, with PEPE's price surging by 47% in less than a week. This has resulted in a systematic reversal on the daily chart.
The cryptocurrency currently trades at $0.000008, establishing a new support level at $0.00000463.
Is It Too Late to Invest?
Will PEPE Reach Global Resistance?
PEPE's price surge coincides with significant whale accumulation. On-chain data reveals that a single whale has acquired 211.6 billion PEPE tokens for $1.72 million.
These purchases have yielded an unrealized profit of $173,000 (an 11% return). PEPE's exit from its resistance zone can be attributed to this whale.
Considering PEPE's ascending chart and whale accumulation, it appears to be on a long-term recovery path. If this assumption holds, we may see the cryptocurrency reach global resistance levels of $0.0000092 and $0.0000108.
PEPE remains a cryptocurrency to monitor closely in the coming weeks.
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