PEPE Price Surges as New Wallet Acquires 202 Billion Coins from Binance
Over the past month, the price of Pepe has surged 74% and 3% in the last 24 hours to trade at $0.00001532, on a 37% surge in trading volume to $1.15 billion.
After experiencing a few days of decline from its recent all-time high, PEPE is now displaying signs of bouncing back. If this trend persists, PEPE could soon be on track to test its ATH again.
PEPE Price New Wallet Accumulation Sparks Market Optimism
A new wallet has amassed a significant amount of PEPE from Binance, sparking market optimism for further price gains. This accumulation of approximately 202 billion coins occurred amidst a weekly pullback in PEPE’s price.
$PEPE IS HEATING UP! πππππ
Pump is inevitable* pic.twitter.com/y1FHL9puhH
— ZπZπ (@Zaza0x) June 3, 2024
Data from the on-chain analytics platform Whale Alert shows that a new wallet address, 0x5077, withdrew 202.4 billion PEPE from Binance in two transactions, totalling coins worth $3.07 million.
A fresh wallet withdrew 202.4B $PEPE($3.07M) from #Binance just now.https://t.co/hOcfYYMXPB pic.twitter.com/Nff6UlW5C2
— Lookonchain (@lookonchain) June 3, 2024
Interestingly, Pepe coin has already exceeded market expectations, reaching new all-time highs and surging to unprecedented levels during this year’s bull cycle. The significant accumulation seen during this upward trend has added even more bullish momentum to the meme-based token.
PEPE Price Ready For Another Bull Rally Above The Bullish Pennant
With immediate support at $0.00001367, the odds continue to favour the upside, and the Pepe price could push north. In a northbound directional bias, a stable candlestick close above the psychological level of $0.00001540 would encourage more buy orders, reinforcing the prevailing trend.
PEPEUSDT. Source: Tradingview
However, if the bullish grip on the Pepe price eases as the bulls look to refresh, the Pepe price could provide another buying opportunity around the $0.00001402 threshold before the next leg up.
The technical indicators show momentum, and investor sentiment supports the upside. The Relative Strength Index (RSI) continues to record higher highs, bouncing back at 40 below the 50 midline level. This suggests rising buyer momentum if the bulls manage to continue the momentum to hit the 70 overbought zone.
Currently, the price is trading above the 50 and 200 simple moving averages (SMAs), with the 50 SMA pausing as immediate support for the Pepe price. Moreover, the moving average crossing at $0.00000695 reinforces the bullish sentiment.
The Moving Average Convergence Divergence (MACD) indicator is also well above the orange band of the signal line. It indicates that the shorter-term moving average is above the longer-term moving average, suggesting bullish momentum in the Pepe price.
PEPE Price Prediction
In a highly bullish scenario, where Pepe’s price maintains a strong close above the psychological level of $0.00001540, it could continue its upward momentum, reaching a new peak around the $0.00002062 mark. This would represent a more than 20% climb from its current levels.
Conversely, if sellers take control, Pepe’s price may decline, potentially breaking below the critical support level of $0.00001461. In a worst-case scenario, this downward trend could extend even further, dropping below the equal highs of $0.00001283. A decisive candlestick close below the support level of $0.00000876 would invalidate the bullish outlook altogether.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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