On Monday, the Meme cryptocurrency witnessed a notable inflow outperforming the other section amid current market consolidation. Within this memecoin sector, the PEPE coin experienced special attention as the asset increased over 15% today in Asian trading hours and reached a new All-time High of $0.00001128. Will this momentum sustain as the leading digital asset Bitcoin continues to waver at $60000?

Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index

Pepe Coin Recovery Faces Challenges Amid Whale Profit-Taking

Pepe Coin| Tradingview

The ongoing recovery in Pepe Coin price can be followed using an emerging support trendline in the daily chart. This dynamic support has uplifted from $0.00000393 to $0.00001096 within a month, registering a 178.85 gain.

With a notable upsurge in the Meme sector this week, the PEPE price gave a decisive breakout from the previous all-time high of $0.00001084 and hit a new high of $0.00001128. However, a daily candle closing above the breached level is needed to better confirm a prolonged rally.

As per the traditional pivot level, the PEPE coin is a price discovery mode that can witness overhead supply at $0.0000138 and $0.0000167, coinciding with the R2 and R3 for the Pivot level.

Also Read: Can Pepe Coin Become A Top 10 Cryptocurrency On CoinMarketCap In May?

However, an on-chain data tracker SpotOnChain, recently highlighted significant profit-taking activities by whales in the PEPE cryptocurrency market, following a record-setting surge in its price. 

One early holder of PEPE, identified by the wallet address 0x647, notably deposited 250 billion PEPE tokens (valued at $2.69 million) into Binance. This investor still retains 42.4 billion PEPE, valued at $424,000, realizing an enormous profit of $3.96 million, an increase of 8,833% on their initial investment.

Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?

1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).

2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac

— Spot On Chain (@spotonchain) May 14, 2024

Another prominent whale, operating under the wallet address 0xa4f, moved 123.7 billion PEPE for $1.31 million Coin (USDC), earning a 20.5% profit of $223,000 after just three days.

These heavy transactions indicate that smart money traders are expecting more major movement in PEPE price or a possibility of fresh correction.

If the overhead supply prevents PEPE from further gain, the aforementioned support trendline will be a key support for buyers to maintain the recovery trend.

Technical Indicator

Average Directional Index: The daily ADX slope uptick at 22% hints the renewed recovery is still in the early stage and buyers have sufficient momentum to lead a higher rally.
Traditional Pivot levels: The R3 Pivot level indicates the recently breached $0.0000092 will act as suitable pullback support for PEPE buyers.

The post Key Levels To Watch as Pepe Coin Enters Price Discovery Mode appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am