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Pepe Coin price staged a recovery while bullish momentum signals potential gains ahead
Pepe (PEPE), the third-largest meme coin, has seen a significant recovery, rising to $0.000021 on Tuesday, its highest level since Nov. 18 and marking a 260% increase from last year’s low.
The surge coincides with Bitcoin (BTC) nearing the crucial $100,000 resistance level, driving a wave of fear of missing out among crypto investors as the fear and greed index climbs to 85.
On-chain data reveals continued buying activity from Pepe whales. One whale reportedly moved $2.3 million worth of PEPE from Binance to a private wallet. Data from Llama Feed shows that whales purchased over $10 million worth of PEPE on Thursday, Nov. 21.
Someone spent 2M $USDC to buy 105.33B $PEPE in a single transaction!
— Lookonchain (@lookonchain) November 21, 2024
Address:
0xd71c6b3760cfd22e50e5514d163986552a96930b pic.twitter.com/kDKmgptPEc
Trading volume for PEPE has also spiked, with a 24-hour volume of over $5 billion, making it the second-most traded meme coin after Dogecoin, which recorded $10.2 billion in daily volume.
Pepe Coin price could get supercharged
Pepe Coin’s chart indicates strong bullish signals that could propel the coin higher in the coming months. First, the token has formed a cup and handle pattern, with the upper side at $0.00001721, a historically bullish indicator.
Second, PEPE has moved above its 50-day and 200-day Exponential Moving Averages, suggesting bulls are firmly in control.
Third, a bullish engulfing candlestick pattern has emerged. This pattern, characterized by a large green candle fully covering the prior red candle, often precedes significant price breakouts.
In this case, the coin will likely rise and reach this month’s high of $0.000025, which is about 23% above the current level. A break above that level will invalidate the double-top pattern and point to more gains.
By measuring the distance between the cup’s upper and lower boundaries, technical projections estimate a potential price of $0.000045, representing an increase of approximately 110% from current levels. Conversely, a drop below the $0.000016 support would invalidate the bullish outlook.