The PEPE price has increased by 2.3% over the past 24 hours, trading at $0.000007412 as of 6:11 a.m. EST, despite a 6.2% decline in trading volume to $761 million and a market cap of $3.1 billion.
Although PEPE has experienced losses for the third consecutive session, with the price at $0.00000731, recent on-chain metrics reveal a notable increase in large-volume transactions from whales over the past six days. These indicators suggest that further upside could be likely for the meme coin.
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Whales are buying #PEPE 🐳 ❇️
Last price: 0.00000743 (+2.624%)
Alerts in last 7 days: 8
24h Volume: 104.19M USDT
Score: 8/10 | Risk: 3/10 $PEPE #BTC pic.twitter.com/CRcviDk1fT— FishTheWhales 🐳 (@FishTheWhales) September 17, 2024
Since May, the positive momentum for PEPE has diminished, but the price remains over 450% higher than its annual opening. The price action since August has shown two higher lows, which may signal the start of a bullish trend.
The decline in large-wallet investor interest is evident, with PEPE holders realizing net gains on four out of six days from September 10 to 16. The Network Realized Profit/Loss (NPL) metric, which tracks daily net profit or loss of traded tokens, shows that positive spikes are linked to profit-taking, while negative spikes indicate realized losses.
Pepe Statistics
- Pepe price: $0.000007412
- Market cap: $3.1 billion
- Trading volume: $761 million
- Circulating supply: 420 trillion
- Total supply: 420 trillion
Pepe Price Signals a Bullish Rally Ahead
The Pepe’s price has been on a steady downward trend, with the bearish investors driving it down from the $0.00001267 resistance level. This movement suggests a potential bullish reversal due to the formation of a falling wedge pattern, indicating the trend might be shifting from bearish to bullish.
The market trades below the 200-day and 50-day simple moving averages (SMA) on the daily chart. If the bulls regain momentum and push the price high, the market might surpass both the 50-day SMA and the 200-day SMA. This will lead both SMAs to act as crucial support levels that strongly support the possibility of a bullish trend.
Bullish Indicators and Wave Count Suggest Potential for PEPE Rally
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 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 of MACD rises above the orange signal. On the other hand, the green bars increase in size and number, further supporting the likelihood of an upcoming bully rally.
The wave count, like the price action and indicator signals, supports a bullish PEPE price prediction. However, it indicates that the upcoming breakout may only be a relief rally, not one that reaches a new all-time high. Since September 2023, the meme coin has completed a five-wave increase and then entered a correction. While there is a completed A-B-C corrective structure that ended on August 5, it is considered too brief to have fully corrected the previous upward movement.
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