According to the data from CoinMarketCap, whale holdings of PEPE tokens have been quite constant this month, standing at over 203 trillion as of Tuesday, which is the highest since May 31st. The circulation of has also risen to over 248,000 as seen on Etherscan, showing that more investors are interested and confident.
Bullish Chart Patterns and Trading Volume
There are a number of bullish patterns visible on the price chart of PEPE traded among the users. The token has continued to trade above the 100-day Exponential Moving Average (EMA), an indication that the bulls are in charge. In addition, PEPE has recently created a falling wedge pattern, which is a strong bullish signal. On Tuesday, the token rose above the upper boundary of this pattern, which supported the bullish view.
Apart from the wedge pattern, PEPE also created a hammer candlestick pattern which has a small body and a long bottom shadow. This pattern is usually followed by a price rally, especially when there is increased trading volume.
