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The memecoin industry, with its quirky and vibrant appeal, has recently found new momentum, led by the frog-themed Pepe (PEPE). After a notable rebound in the last 24 hours, Pepe’s price has surged in tandem with Bitcoin’s (BTC) bullish outlook. With a fully diluted market cap of $7.2 billion and a 24-hour trading volume averaging $1.2 billion, Pepe has confirmed its position as a major player in the market, signaling a strong upward trend.
Pepe’s price trajectory has shown a clear bullish pattern over the past week, marked by higher highs and higher lows. This consistent rise indicates sustained optimism in the market, despite overall market fluctuations. Furthermore, Pepe’s rebound from a critical support level has further strengthened the belief that its upward trend is far from over.
Whale Activity Sparks Optimism
Pepe has also attracted a growing number of whale investors, with over 380,000 on-chain holders, making it one of the most liquid memecoins in the market. The token has been listed on major cryptocurrency exchanges, including Binance, Coinbase, Kraken, and OKX, solidifying its place in the global crypto ecosystem. Recent on-chain data from Spot On Chain highlights a massive accumulation trend, with a whale withdrawing approximately 1.08 million Pepe units—valued at around $18 million—over the past two days.
Technical Indicators Point to Bullish Outlook
From a technical analysis standpoint, Pepe’s price is currently testing the apex of a bullish triangle pattern. In the daily time frame, its rebound from the 50-day Moving Average (MA) suggests a potential major bullish breakout. Additionally, in the four-hour chart, Pepe has been forming a bullish pattern, evidenced by a rising Relative Strength Index (RSI), which signals further upward movement amidst market corrections.
If Bitcoin manages to break above the critical $108k resistance level, it could trigger heightened volatility in the altcoin market, leading to an anticipated altseason. Investors are eagerly watching for these technical signals, as they may point to significant price rallies for Pepe and other altcoins.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Whales Accumulate PEPE Coin Amid Price Dips, Fueling Bullish Rally Expectations
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