Pepe Coin has declined by 24.2% over the last 24 hours, reflecting the trend observed in the cryptocurrency market. The token price is now trading at the edge of one of the most significant historical areas of demand, a level that has already been responsible for a 123% price hike in April and May. This represents a buying power range of between $0.0000060 and $0.0000075, which has been portrayed through past corrections.
PEPE is currently at $0.00000706, and it is recovering marginally after briefly falling below the wedge pattern. Market analysts suggest that this demand section could serve as a launchpad for recovery if investor interest does not deteriorate. The resistance is at $0.0000104 and $ 0.0000129, which PEPE needs to overcome to indicate a bullish reversal. If the price gains momentum again, it may reach the next level of $0.00001500, which is an indicator of restored investor confidence.
According to on-chain data provided by Lookonchain, a large investor has purchased over $600 billion of PEPE, valued at approximately $ 4.97 million, in the last 24 hours. The amount of money in the wallet is $1 million, which is USDC. This means that additional accumulation can be carried out if the prices do not increase.
This buying pattern suggests that large investors are positioning themselves to capitalize on a potential recovery. This accumulation of whales is observed during periods of poor market sentiment. It is a pointer to an attitude of contrarianism that the poor market is temporary. This move at this point could reflect the hope that the overall crypto market will stabilize.
PEPE is at a critical turning point in its strongest area of historical support with the recent price correction. The fact that whale inflows have strengthened the notion that the selling pressure may soon subside. Analysts, however, warn that a definite bullish confirmation will not be realized unless the price closes above $0.0000104.
Traders are currently accumulating during this dip, with a medium-term recovery phase ahead. If the overall market mood improves, PEPE may replicate its previous rise and re-enter its momentum as one of the highest-performing meme coins.
Also Read: Crypto Prices Today: Bitcoin Price Steady at $121,000, Dogecoin Gains 0.29%, Ethereum Drops 2.43%
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