The cryptocurrency market points to an extended correction trend as Bitcoin price plunged to a low of $61000 on Tuesday. Amid the market sell-off, Pepe, the Frog-theme memecoin tumbled 7.3% struggling to hold its value above the 38.2% Fibonacci retracement level at $0.0000065. However, analysis of the 4-hour chart shows the Pepe coin price is still developing a bullish pennant pattern indicating the potential for uptrend continuation.<\/span><\/p>\n Also Read: Pepe Coin Escape From Channel Pattern Hints A Price Rally to $0.00001<\/a><\/p>\n <\/p>\n Along with the initial bullish sentiment around Bitcoin halving, the Pepe price<\/a> bounced back from $0.0000046 to $0.00000819, recording a 78% growth, however, the recovery momentum was exhausted as the broader market witnessed the post-halving correction reverting Bitcoin below $65000.<\/span><\/p>\n Thus, the Pepe Coin<\/a> price resonated sideways for over a week and reflected a lack of initiation from buyers within long-wick rejection candles. However, this consolation developed within two converging trendlines indicating the formation of a pennant pattern.<\/span><\/p>\n<\/blockquote>\n <\/p>\n This technical setup encourages a period of lateral movement for buyers to recuperate bullish momentum for higher rallies.<\/span><\/p>\n <\/p>\n Moreover, a recent transaction highlighted by Lookonchain revealed a withdrawal of 329.3 billion PEPE tokens, worth about $2.46 million, from Binance within 10 hours. This large-scale movement hints that the smart money expects a potential rebound in Pepe price and resumes the prevailing rally.<\/span><\/p>\n A smart money withdrew 329.3B $PEPE<\/a>($2.46M) from #Binance<\/a> and #MEXC<\/a> in the past 10 hours.<\/p>\n The smart money sold all $UNI<\/a> before $UNI<\/a> dropped and made more than $7M.https:\/\/t.co\/fAwoyJbcMN<\/a>https:\/\/t.co\/P9smB5CYxH<\/a> pic.twitter.com\/VaQ63RbwK1<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) April 30, 2024<\/a><\/p>\n<\/blockquote>\n Thus, the PEPE price is better positioned to break the pattern\u2019s overhead trendline. This breakout will provide buyers with suitable support to extend the recovery rally to $0.000009, followed by $0.0001084.<\/span><\/p>\n <\/p>\n Related Articles<\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nLarge-Scale Withdrawal of PEPE Tokens Signals Potential Market Rebound<\/strong><\/h2>\n
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