Key Insights:
- PEPE’s daily chart reveals that the asset is in an uptrend and has successfully retraced the 50% retracement level.
- PEPE transactions between $100k and $1 million have soared by 32.50%, suggesting rising interest from whales and institutions.
- According to a crypto expert, memecoins like PEPE often lead early altseason pumps due to their low entry price.
Amid the correction, PEPE coin has successfully retraced 50% of the Fibonacci level, indicating a potential price reversal. However, the price has continued to move sideways since then, hovering within a narrow consolidation zone.
PEPE Coin Price and Whales Rising Activity
PEPE coin remained strong at $0.0000126 at press time, recording a 0.50% price uptick in the past 24 hours. However, it has declined by 7% over the past seven days.
Due to this ongoing struggle in upward momentum, participation in PEPE has dropped significantly. CoinMarketCap reported a 40% decrease in trading volume.
Despite the overall drop in trading volume, whale participation in the meme coin has continued to rise. This indicated strong interest and confidence in PEPE’s potential in the coming days.
IntoTheBlock data revealed that transactions between $100K and $1 Million have surged by 32.50% over the past 24 hours. Also, this value has continued to rise throughout the past week.
PEPE Coin Price Action and Technical Analysis
The technical analysis of PEPE coin revealed that the meme coin is in an uptrend. Support has recently been found at the 50% Fibonacci retracement level.
Price action showed investors and traders view this 50% retracement as a potential reversal zone. This was further confirmed by forming a bullish hammer candlestick pattern.
Based on the current price action, $0.0000119 is a key support level. If PEPE holds this level, the meme coin could soar by 20% and reach the $0.000015 level soon.
However, this level may be breached, and the price falls. If this happens, it could trigger further downside momentum as market sentiment shifts to bearish.
PEPE’s Chaikin Money Flow (CMF) stood at 0.08, indicating moderate buying pressure. This suggests that accumulation may be underway despite recent price consolidating.
Expert Bullish View on PEPE
Given the current market sentiment, a crypto expert has made a bold prediction for PEPE coin. In his post on X, he shared that the meme coin has skyrocketed by 1,764% in 2024 and still looks strong.
He further noted that meme coins like PEPE often lead the altseason pump due to their low entry price. Moreover, he added that if a 2021-style meme frenzy returns, PEPE could post insane gains.
Investors and Traders Bullish Bets
However, it’s been over a week since the PEPE coin price has struggled. Still, investors and long-term holders appear to accumulate millions of tokens, as the on-chain analytics firm Coinglass reported.
Exchanges saw a weekly outflow of over $85.25 million in PEPE meme coin. This drop in exchange reserves hints at strong investor interest.
Many viewed the price decline as a chance to accumulate. Long-term holders may be positioning for future gains.
Meanwhile, traders also appear to be maintaining a bullish outlook. Coinglass data showed that PEPE’s long/short ratio currently stands at 1.07.
This indicated strong bullish sentiment among traders. It further reveals that 51.7% are betting on the bullish side, while 48.3% are on the bearish side.
When combining these on-chain metrics and the expert’s bold prediction, it appears that bulls dominate the meme coin. Also, an upside momentum could soon follow.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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