Pepe Price Recovery Sparks Hype, But Can It Hold?
The dovish Jerome Powell speech, rising Ethereum, and growing whale accumulation all contributed to the Pepe price’s recovery. Pepe, Ethereum’s second-largest meme coin, rose substantially from this week’s low of $0.000009850 to $0.000015 on Saturday, August 23. However, today’s erratic trend saw the meme currency drop 4.78% to $0.00001073.
Pepe Whales Accumulate 650B More Tokens
Whales‘ continuing accumulation of Pepe tokens indicates that they anticipate price increases. These investors currently own 8.79 trillion coins, up 650 billion from their July 23 holdings, according to Nansen data. The top 100 Pepe holders have increased their holdings as well, going from 300 trillion tokens last month to 306.84 trillion tokens presently. Due to this accumulation, the value of tokens on exchanges has dropped to 253.40 trillion, a multi-month low. Pepe has a strong demand among investors, as seen by these activities. Additional data indicate that this month’s weighted financing rate for Pepe Coin has stayed positive.
Pepe’s Symmetrical Triangle and Double-Bottom Point to Explosive Price Action
The Pepe Coin price developed a very bullish double-bottom pattern at $0.000009850, according to the daily period. At $0.00001265, it is gradually approaching its neckline. One of the most popular bullish reversal patterns in technical analysis is the double-bottom
The symmetrical triangular pattern, whose two lines are approaching the confluence level, where most breakouts occur, has formed concurrently with this pattern. Consequently, in the upcoming days or weeks, there will probably be a strong breakout in the price of Pepe Coin. About 52% of the symmetrical triangle is at its widest point. Its aim, which is up 65% from the current level, is $0.00001890 when measured thus far from the possible breakout point.
For more up-to-date crypto news, you can follow Crypto Data Space.
