Pepe Coin Price Analysis: Since last weekend, Bitcoin<\/a> has been in a consolidation phase, facing challenges in maintaining a position above the psychological threshold of $65,000. This stagnation in Bitcoin\u2019s recovery has impacted several altcoins, including the Pepe coin<\/a>, which has pulled back from its resistance level of $0.00000920.\u00a0<\/span><\/p>\n Over the past three days, Pepe coin has seen a 10% decline in value. However, the decrease in trading volume suggests a lack of conviction from sellers. Is a rally to $0.00001 high possible?<\/span><\/p>\n <\/p>\n Also Read: Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?<\/a><\/p>\n Over the past three weeks, the Frog-themed memecoin\u2014 PEPE<\/a> witnessed a steady recovery displayed through new higher low higher high formation in the daily chart. This bullish rally recorded around 113% growth as the price jumped from $0.00000393 support to a $0.00000918 high.<\/span><\/p>\n <\/p>\n Amid this rally, the PEPE price<\/a> developed a well-known bullish reversal pattern called the inverted head and shoulder pattern. This pattern commonly spotted at the market bottom signals a major change in trend dynamic and renewed accumulation from market participants.<\/span><\/p>\n On May 4th, the coin price gave a decisive breakout from the neckline at $0.000008 favoring buyers to drive a sustainable recovery. However, with the weekend consolidation in Bitcoin, the PEPE price shows a minor retest to the breached resistance, allowing buyers to showcase its sustainability for a higher rally.<\/span><\/p>\n In a recent event tracked by Spot On Chain, a significant PEPE cryptocurrency transaction occurred when a multisign wallet deposited 1.238T PEPE ($10.6M) into Binance, causing a 5.2% price drop. This whale held the PEPE for just three days and, if sold, earned a modest 1.28% profit ($134K). This rapid transaction raises speculation about potential insider knowledge influencing the sale.<\/span><\/p>\n 3 hours ago, this multisign wallet deposited all 1.238T $PEPE<\/a> ($10.6M) to #Binance<\/a>, causing the price to drop abruptly by ~5.2%.<\/p>\n The whale held those $PEPE<\/a> for only 3 days and would realize a small profit of only $134K (+1.28%) if truly selling.<\/p>\n Did the whale know something and\u2026 https:\/\/t.co\/bUJ4A6lOx6<\/a> pic.twitter.com\/iq89A3O4M7<\/a><\/p>\n \u2014 Spot On Chain (@spotonchain) May 7, 2024<\/a><\/p>\n<\/blockquote>\n <\/p>\n Thus, with a bullish retest to $0.000008, the PEPE price is at the pivot level. Sustaining the recent breakout will drive a rally back to $0.000012.<\/span><\/p>\n On a contrary note, the whale selling hints at the possibility of a bearish breakdown which will invalidate the bullish thesis.<\/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>\nWhale Selling Sparks Concerns for Pepe Coin\u2019s Bullish Momentum<\/strong><\/h2>\n
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