Pepe coin price is correcting after hitting a daily high of $0.00001480. Despite a 10.6% drop in the last 24 hours, PEPE price is still up 37% over the past week and its trading volume has surged to a 3-month high following a breakout bullish. Can PEPE price skyrocket 15x after breaking five-month resistance?
Pepe Coin Price Explodes as Trading Volume Hits 3-Month Peak
Coingecko data show this trendy coin generates over $7.23 billion in daily trading volume across three chains (BSC, Ethereum, and Arbitrum One) and multiple exchanges, indicating renewed interest and activity from traders. The last time such volume levels were reached was during the August 5 crash.
Increased activity around a coin can increase price volatility as more buyers and sellers enter the market. The Average Directional Index (ADX) indicator, which tracks asset volatility, confirms that Pepe’s trading activity is increasing.
Crypto analyst CryptoZeus said PEPE Price looked “monstrously bullish,” as predicted the frog-themed meme coin would fly to the moon in “The Most Exciting Bull Run Ever.”
Bullish Indicators: Can PEPE Price Gain 1,500%?
The current trend appears bullish as Pepe coin price is above the 50 and 200 day simple moving averages (SMA), with the 50-day SMA acting as support. A breakout of a triangle consolidation pattern also indicates bullish momentum.
Recent candlesticks indicate bullish momentum with strong ascending wicks, suggesting buying pressure.
The exit from the triangular consolidation was accompanied by an increase in volumes, indicating strong interest and a potential trend reversal. Sustained high volume would confirm the strength of this breakout and could lead to continued upward movement.
This chart suggests the possibility of an impulsive wave structure forming after the breakout. Upside targets could correspond to wave extensions, with the projected target of 0.00019749 aligning with the end of a potential wave 3.
If the bears push the price back into the triangle, the current breakout would be considered a counterfeit and the bullish thesis would be invalidated.
Key levels to watch include $0.00002214 and $0.00002798, which coincide with the 0.27 and 0.618 Fibonacci extension levels, respectively. Conversely, a key support area is $0.00001119 at the 0.38 Fib retracement level.
Whales Fuel Pepe Coin Price Rise
Data from In the block shows that the number of large PEPE transactions skyrocketed over the past week, from 100 to over 1,020 in one week. Subsequently, the inflow of large holders soared 104% over the past 7 days and 195% over the past month.
When large investors, often referred to as “whales”, increase their activity, it can signal strong confidence in the potential of a crypto asset, leading to increased price volatility and potentially a price rise due to higher demand .
Frequently Asked Questions (FAQ)
Pepe Coin is above its 50 and 200 day simple moving averages, which is considered a bullish signal. A breakout of a triangle consolidation pattern, combined with rising volume, indicates the potential for continued upward movement.
Pepe Coin price surged due to a breakout that coincided with a significant increase in trading volume, hitting a 3-month high.
Yes, whale activity has increased significantly. The number of large transactions has skyrocketed and inflows from large holders jumped 104% over the past week.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the gaming industry. His extensive experience includes working with various startups to deliver insightful, high-quality analytics that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across various industries. Outside of his professional activities, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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