Pepe Price Surges 2.8% as Whales Accumulation the Dip

The Pepe price has surged 2.8% in the last 24 hours to trade at $0.000008202 as of 5:30 a.m. EST on a 24% drop in trading volume to $691 million, with the market cap now at $3.4 billion.

Pepe’s price is set for a potential breakout, benefiting from a short-term bullish trend. Recently, PEPE has risen alongside increased Ethereum ETF inflows, underscoring its connection with the second most popular crypto asset. The active accumulation of Pepe whales suggests they expect further price gains. As Ethereum gains momentum in traditional finance, meme coins like Pepe might outperform many other cryptocurrencies.

$PEPE 👋 (Daily) #PEPE providing us Multiple 📈 Bullish scenarios in the daily timeframe.

First of all we are having a Bullish 🦬 flag in 4H chart, then we have a Big Bullish pennant 🚀 in the daily timeframe.

Breakout from the Same will reach the price of $PEPE's upto New… pic.twitter.com/3XnlGZEMOi

— The Crypto Titan's (@cryptotitans11) August 9, 2024

Pepe whales are positioning for a positive price movement after accumulating the token over the past 24 hours. Data from IntoTheBlock shows that the net flow for large Pepe holders turned positive between August 12 and 13, with over $1 million added to their holdings.

Pepe also strongly correlates with Ethereum, ERC-20 tokens, and EVM-based Layer 2 solutions. With Yahoo Finance recognizing Grayscale’s ETF as a credible investment, Ethereum might attract more traditional investors, potentially bringing new capital into the market. Given this high correlation, a positive development for Ethereum could also boost Pepe’s price.

Pepe Price Statistics 

• Pepe price: $0.000008202 
• Market cap: $3.4 billion
• Trading volume: $691 million
• Circulating supply: 420 trillion
• Total supply: 420 trillion

Bulls Poised for a Bull Rally

Pepe’s price is bullish as buyers drive it up from the $0.000007031 support zone. This movement suggests a potential bullish reversal, indicating the trend might be shifting from bearish to bullish. If the bulls can maintain this momentum, it could indicate a broader shift in the market trend from bearish to bullish. Traders will closely monitor this trend change for further confirmation through higher highs and sustained upward movement.

The market trades above the 200-day simple moving average (SMA) on the daily chart. The 200-day SMA acts as a key support level and signals the potential for a bullish trend. If the bulls keep increasing prices, the market might surpass the 50-day SMA. They could drive the market to a new all-time high.

The Relative Strength Index (RSI) also points to a potential bullish crossover as it climbs toward the 50-midline level. This midline is crucial because crossing above it indicates a shift from bearish to bullish momentum, meaning average gains are starting to outpace average losses. If the bulls keep up their momentum and push the RSI even higher, the market could reach the 70-overbought level.

The Moving Average Convergence Divergence (MACD) also offers evidence of a potential bullish crossover. The blue line is rising, reaching the orange signal line to surpass it. On the other hand, The red bars are fading out as they also decrease in size, further supporting the likelihood of an upcoming bully rally.

Pepe Price Prediction

The bulls demonstrate their strength by pushing the price higher, preventing the bears from dragging it down to the support level. If the bulls can maintain this momentum, the market could reach a target price of $0.00001508. However, if the bears regain control, they could apply pressure, forcing the bulls to retreat to the $0.000007031 support level, coinciding with the lower trendline of the pennant.