Pepe Coin Experiences Significant Price Surge
Release: 2024/05/20 01:49 Reading: 816
Pepe Coin Experiences Significant Price Surge
Amidst recent market fluctuations, Pepe Coin (PEPE) has witnessed a notable surge in its price this week. Despite facing supply pressure from its previous all-time high resistance of $0.0000108, the token has rebounded and is currently trading at $0.00000943, representing an 18.8% decline. With Bitcoin hovering around $67,000, PEPE's price faces a crossroads, either continuing its uptrend or entering a new corrective phase.
Whale Activity in PEPE
PEPE's price has exhibited a steady recovery since last month, buoyed by a rising trend line on daily charts. This dynamic support has facilitated a 195% growth in the altcoin's value, from $0.00000393 to an all-time high of $0.0000161. However, the general resistance at $0.0000108 prevented a daily candle close, resulting in PEPE's price retracing to $0.00000925.
According to crypto analytics firm Spot On Chain, a recent transaction by a PEPE whale has had a significant impact on the token's price. Thirteen hours ago, a multi-signature wallet identified as 0x1a2 transferred approximately $4.54 million worth of 457.9 billion PEPE tokens to Binance. This move, interpreted as a stop-loss measure, contributed to a 6% price drop for PEPE. Spot On Chain notes that the mentioned whale has a history of poor trading decisions, having lost $717,000 from two separate PEPE transactions in the last 15 days. Historical data indicates that the whale's transactions often lead to sharp price drops when large amounts of PEPE are moved.
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Price Analysis of PEPE
Despite this setback, the frog-themed meme token currently trades above the aforementioned support trend line and may seek to align with renewed recovery momentum. Furthermore, if the leading cryptocurrency Bitcoin sustains its price above $65,000 and PEPE remains above the rising trend line, buyers could propel the next recovery surge to $0.0000138 and subsequently to $0.0000167.
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