Pepe Coin Price Analysis: The downward trajectory of the cryptocurrency market extends for the second half of June as Bitcoin tumbled to a monthly low of $64000. The majority of major altcoins are witnessing the same momentum but the memecoin sectors are facing aggressive selling pressure due to their volatile nature. Amid the downfall, the Frog-themed memecoin PEPE drops to a low of $0.00000968 but holds its bullish pattern for a potential rebound.
Also Read: Investors Are Rushing To Buy This Meme Coin Prior To the Mike Tyson vs. Jake Paul Fight: Here’s Why
Pepe Coin Price Analysis: $4.27M PEPE Move to Binance Amid Market Correction
Pepe Coin Price Analysis| Tradingview
Over the past three weeks, the PEPE coin has witnessed a sustained correction resonating within two downsloping trendlines of the flag. In theory, the chart pattern provides buyers with a temporary counter-trend move to recuperate the bullish momentum before the next move.
Amid the recent market correction, the PEPE price fell from $0.00001725 to $0.00000968 low, registering a 42.8% loss.
According to Lookonchain, a major player in the crypto space, referred to as whales, deposited a staggering 407.74 billion $PEPE tokens, valued at approximately $4.27 million, into Binance. This transaction was made at a break-even price, occurring just two hours before the report.
As the market fell, a $PEPE smart money deposited all 407.74B $PEPE($4.27M) into #Binance at a breakeven price 2 hours ago.
This smart money made $5.4M on 8 tokens before.https://t.co/Pw9FeS8KU8 pic.twitter.com/G2O1rvHbRX
— Lookonchain (@lookonchain) June 18, 2024
This smart money investor exited without much profit hints he/she does not expect a major move in PEPE in the near term.
Also Read: Pepe Coin Price Analysis Hints 40% Rally As Bull Flag Forms Amid Healthy Retracement
However, despite the broader market correction and whale selling, the PEPE shows resilience above the pattern’s lower trendline, keeping the bullish pattern. If the pattern holds true, the Frog-themed memecoin could prolong its correction phase and continue to resonate within two trendlines.
However, a breakout is imminent for the PEPE coin which will signal the end of the correction phase. The breached trendline will provide buyers with suitable support and lead a 40-45% rally to rechallenge the high of $0.00000172.
On a contrary note, if the coin PEPE slips below the lower trendline, the bullish thesis will be invalidated. If this happened, the sellers could extend the current correction to $0.0000089, followed by $0.0000076.
Technical Indicator
EMAs: The PEPE price dropped below the 20-and-50-day Exponential Moving Average slope and may act as dynamic resistance against the recovery attempt of coin buyers.
ADX: An uptick in the daily ADX slope at 26% signals that sellers are strengthening their grip over this asset to lead to a high momentum downfall.
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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.
