Pepe Coin price has seen recovery as bullish momentum signals potential gains ahead
Grandpa (PEPE), the third-largest coin, saw a significant recovery, rising to $0.000021 on Tuesday, its highest level since November 18 and marking a 260% increase from the low of last year.
The rise coincides with Bitcoin (BTC) approaching the crucial resistance level of $100,000, causing a wave of fear of missing out among crypto investors as the fear and greed index climbs to 85.
On-chain data reveals continued purchasing activity from Pepe Whales. A whale would have moved $2.3 million value of PEPE from Binance to a private wallet. Data from Llama Feed shows that whales purchased over $10 million worth of PEPE on Thursday, November 21.
Trading volume for PEPE also increased, with 24-hour volume of over $5 billion, making it the second most traded coin after Dogecoin, which recorded $10.2 billion in volume daily.
Pepe Coin price could be increased
Pepe Coin’s chart indicates strong bullish signals that could propel the coin higher in the coming months. First, the token formed a cup and handle pattern, with the upper end at $0.00001721, a historically bullish indicator.
Second, PEPE has surpassed its 50-day and 200-day exponential moving averages, suggesting that the bulls are firmly in control.
Third, a bullish engulfing candlestick pattern appeared. This pattern, characterized by a large green candle completely covering the previous red candle, often precedes significant price breakouts.
In this case, the coin will likely rise and reach this month’s high of $0.000025, approximately 23% above the current level. A break above this level would invalidate the double top pattern and indicate further gains.
By measuring the distance between the cup’s upper and lower boundaries, technical projections estimate a potential price of $0.000045, representing an increase of approximately 110% from current levels. Conversely, a fall below the $0.000016 support would invalidate the bullish outlook.