The Pepe price has slipped 1% today, with the meme token falling to $0.00001206. Notably, its 24-hour trading volume has plunged 45% to $926.1 million, signalling dwindling market activity. This comes as an Indian crypto exchange, WazirX, has allegedly been hacked, with over $230M in assets transferred to the “0x04b2” wallet. The suspicious address has already swapped $640.27 billion PEPE worth $7.6 million.
❗️ Indian crypto exchange #WazirX has allegedly been hacked, with over $230M in assets transferred to the "0x04b2" wallet. The stolen funds are being sold off, including 640.27 billion #PEPE ($7.6M).
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🚨 Key stolen assets:$SHIB: ~$102M$ETH: ~$52M$MATIC: ~$11M
WazirX has… pic.twitter.com/SMNuETsWyu
— Etherdrops Bot (@etherdrops_bot) July 18, 2024
Moreover, the crypto platform has suspended all withdrawals as they keep an eye on the wallet. Meanwhile, traders and investors remain highly optimistic about PEPE, anticipating a bullish wave despite the recent market drop.
$PEPE super bullish breakout. 📈🚀 pic.twitter.com/b7fSinkBo5
— Mark.eth🥷 (@MarkETHreal) July 18, 2024
PEPE appeals to the cryptocurrency community by instituting a no-tax policy and being up-front about its lack of utility. This keeps things pure and simple as a memecoin in the crypto sphere. PEPE tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Pepe is Pionex, where the most active trading pair, PEPE/USDT, has a trading volume of $4,653,266 in the last 24 hours.
Pepe Statistical Data
Based on Coinmarketcap data:
- PEPE price now – $0.00001206
- PEPE market cap – $5.07 billion
- PEPE total supply – 420.69 trillion
- PEPE circulating supply – 420.69 trillion
- PEPE ranking – #22
Pepe Price Trades Bullishly Over a Bullish Flag
Since 5 July, Pepe’s price has been in a consolidation phase, trading with a limit/resistance of $0.00001070 and a limit/support of $0.000007655. However, on 15 July, the bulls grew hind wings, pushing Pepe through a markup phase. However, they have faced a slight rejection at $0.00001282, retracing to $0.00001206. Nonetheless, all hope is not lost, as the bulls are aggressive, and the PEPE market’s big picture is bullish.
Pepe is trading with a bullish bias within the confines of a bullish flag. Pepe trades well above the 50-day Simple Moving Average (SMA) in green and the 200-day SMA in blue. In this case, the $0.00001003 and $0.00001070 act as immediate support keys in the PEPE market.
Moreover, the Relative Strength Index (RSI) is strong at 64, tilting the odds towards the buyers. PEPE has more room to move north if the bulls increase the buying pressure. The RSI could jump to the 70-overbought zone, reinforcing the buyer’s momentum.
Pepe Price Prediction: Bullish Or Bearish?
In the same way, the Moving average line has crossed below the signal line, with the odds favouring the sellers. Such a move is often interpreted as a sell signal, with the cross suggesting a shift in momentum from bullish to bearish. The cross below the signal line indicates that the short-term moving average falls faster than the long-term moving average.
In the 4-hour chart analysis, the bulls have the upper hand, with support from major technical indicators. If the bulls keep further upside, we will see the Pepe price overcome the $0.00001281 resistance level. In a highly bullish case, the gains could extend to the $0.00001400 threshold in the coming days.
Conversely, if the sellers step in and start early profit bookings, the pepe price could drop. A breach below the $0.00001160 support level would threaten the upside. However, a daily candlestick close below $0.000001003 would invalidate the bullish thesis.
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