Memecoins

Possible Price Movement for $PEPE in the Upcoming Week: Will it Hit $0.00001?

Pepe Coin Price Analysis: Amid the ongoing market rebound, the Pepe Coin has shown a significant recovery this week. It surged from $0.00000592 to its current trading price of $0.00000842, marking a 42% increase in the daily chart. This increase revealed the formation of an inverted head and shoulder pattern, a bullish reversal setup commonly seen at the market’s local bottom, indicating a shift in market dynamics from selling on rallies to buying on dips.
Also Read: Analysts Predict Biggest Altcoin Market Rally To $4 Trillion Market Cap

On-Chain Indicators Align for Pepe Coin’s Recovery
Pepe Coin Price Analysis| Tradingview
The Frog-themed Memecoin PEPE entered a recovery trend in mid-April, bouncing back from a low of $0.00000393. This bullish turnaround drove the asset up by 128% within a month to reach a high of $0.00000893. During this recovery, the PEPE coin price showed two higher low formations, indicating active accumulation by buyers at dips. Furthermore, a multisig wallet identified by the address 0x323 made significant moves with the cryptocurrency PEPE, as reported by the on-chain data tracker Spot On Chain.

A multisign wallet 0x323 withdrew 915.85 billion PEPE tokens (equivalent to $7.75 million) from #Binance at $0.000008466 around 10 minutes ago. Over the past 28 hours, the wallet has withdrawn a total of 1.238 trillion PEPE tokens (valued at around $10.4 million) from the CEX for its first trade involving this cryptocurrency.

In the midst of the recovery sentiment, this activity suggests a higher growth potential for the PEPE price. On May 4th, the coin buyers broke out decisively from the $0.000008 neckline resistance of the inverted head and shoulder pattern. If the chart pattern remains valid, the PEPE price is expected to surpass the last swing resistance of $0.0000108 and potentially reach $0.000012.

Technical Indicator

BB Indicator: The increase in the upper boundary of the Bollinger band indicator indicates active buying momentum among market participants.
Average Directional Index: An upswing in ADX slope at 16.6% shows that the prior correction helped buyers regain their strength for a higher rally.

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