Is PEPE Coin Overbought After a 600% Rally or Just Warming Up?

Pepe Coin Price Prediction: The cryptocurrency market is witnessing a massive inflow into the meme sectors, with leading assets like DOGE, SHIB, PEPE, and FLOKI doubling in value within two weeks. The Frog theme memecoin PEPE showcased a parabolic growth in the daily chart bolstered by forming a reversal pattern and active whale accumulation to hit a new all-time high of $0.000007583. Will the recovery reach new heights in March or take a minor dip to regain strength?

Also Read: BONK, PEPE, FLOKI, SHIB Price Reversal Soon, Meme Coin Party to End?

Rounding Bottom Pattern Signals Potential for Further Gains.

OKX:PEPEUSDT Chart — PEPE Coin| Tradingview

The parabolic growth in the PEPE coin was initiated on February 24th, as the price shows sustainability above the $0.0000015 support. The bullish turnaround pushed the memecoin value by 600% within a fortnight to hit a high of $0.000008.

The meme cryptocurrency PEPE has seen a remarkable 53% surge in price over the past 24 hours, leading the memecoin market trend. Analytics firm Spotonchain reports that three whales have collectively acquired 1.02 trillion PEPE tokens, worth about $5.94 million, in significant transactions.

These moves include a 500 billion PEPE withdrawal from Binance, a 340.9 billion PEPE purchase with USDC, and a withdrawal of 182.4 billion PEPE by a notable trader, who also withdrew 38.85 million MEME tokens.

The $PEPE price soared 53% (24H), leading the #memecoins trend!
In the past 24 hours, 3 whales accumulated 1.02T $PEPE ($5.94M):
1. Whale 0x379 withdrew 500B $PEPE ($2.96M) from #Binance ~3hrs ago.https://t.co/gV77Wgg7nu
2. Whale 0x04E bought 340.9B $PEPE with 1.95M $USDC… pic.twitter.com/bIyONi8r8e
— Spot On Chain (@spotonchain) March 4, 2024

This flurry of activity signals a growing interest and speculative investment in PEPE among major market players, highlighting its potential for further gains in the memecoin space.

Also Read: Pepe Coin Price Analysis Hints Last Pullback Before A 52% Upsurge

Is PEPE Coin Heading to $0.000012?

This nearly upright growth assisted in the formation of a bullish reversal pattern called the rounding bottom pattern. This U-shaped chart setup represents the maturity of a downtrend, leading to long accumulation to sustainable growth. Currently trading at $0.0000079, the PEPE price could rise another 5% to hit the theoretical target of $0.00000835 acquired from the length of the pattern’s bottom to neckline and shot from the breakout point. If the bullish momentum persists, the next potential target for this memecoin stands at $0.0000123.

However, such a momentum rally is less likely to continue without the support of some external news. Therefore, the PEPE price may enter a notable correction from the $0.00000835.

Pivot levels: The traditional pivot levels hint the rising Pepe price may face overhead supply at $0.00000835, followed by $0.0000098
Average Directional Index: The ADX value at a high of 57% reflects the buyers are leading an exhausted rally which would need minor pullbacks to regain strength.

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/is-pepe-coin-overbought-after-a-600-rally-or-just-warming-up/