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- Recent on-chain data analysis has revealed a significant accumulation of PEPE cryptocurrency.
- PEPE crypto price is moving towards the higher level of bullish Pennant.
According to the latest insights, an X post shows an accumulation of PEPE crypto by multiple addresses, indicating a bullish sentiment among investors.
This substantial buy-up reflects a heightened confidence level in the PEPE market, potentially signaling a positive trend for the meme coin’s future valuation.
Moreover, IntoTheBlock’s on-chain metrics suggest that more than 54% of PEPE addresses were profitable at the time of writing.
The on-chain data points to a robust accumulation of PEPE tokens, predominantly by whales, which could potentially steer the market toward a long-term bullish trajectory.
We noticed that some investors accumulated $PEPE!
— Lookonchain (@lookonchain) May 11, 2024
0xa145 withdrew 350B $PEPE($3.44M) from #Binance 10 hrs ago.
He is good at swing trading $PEPE and has a profit of ~$2.66M on $PEPE. https://t.co/OcWKqsL14L
0xa4Fd spent 1.09M $USDC to buy 123.66B $PEPE at $0.00000881 13 hrs… pic.twitter.com/55iL9W7CxT
The last 24-hour activity of the price and volume of the PEPE looks flat, as observed from the press time. The market cap has witnessed a slight decline of 0.2%, followed by a decline of 6.8% in the traded volume of the crypto as per CoinMarketCap.
At the time of writing, PEPE is the 28th largest cryptocurrency in the global cryptocurrency market. The price of the PEPE crypto further has excellent liquidity, which results in a volume/market cap ratio of 22.89%.
The live market cap of the crypto was $3.662B at press time and was trading at $0.000008716, presenting its strong market presence. This also results in a market cap dominance of 0.16%.
The crypto sentiment is also currently bullish as social media and news media are showing a bullish outlook for the PEPE crypto.
What Do Derivatives Data Indicate About Future Trends of PEPE Crypto?
The current future contract price of the PEPE crypto was trading higher than the spot price. It showed that traders are optimistic about the rise of the crypto price.
The implied volatility of the crypto is also high, which shows a higher possibility of price moving in a direction soon.
The derivatives trading volume for the crypto has further advanced by 2.32% in the last 24 hours from press time. It has resulted in a traded value of $828.21M.
The recent liquidation chart of the crypto shows an equal amount of liquidations in the crypto price on both sides.
PEPE Crypto Technical Analysis
The price of the PEPE crypto is showing an advance of 3.9% in the last day at press time.
A bullish flag pattern can also be seen on the charts, followed by a bullish Pennant. Considering the flag pattern, the price has given a breakout on the daily chart, which suggests a potential upmove to higher resistance levels.
PEPE/USD Chart by TradingView
The 50-day and the 200-day EMAs are trading in a golden cross, and the price is further advancing to higher levels by taking support from the 200-day EMA.
The RSI on the daily chart of the PEPE crypto is hovering around the 60 level and trading above the 14-day SMA, indicating strong momentum. Also, as the RSI has yet to be overbought, it might attract more buyers.
Summary
PEPE crypto’s recent accumulation by multiple addresses suggests bullish sentiment, with over 54% of addresses profitable.
Despite the flat prices and declining volume, derivatives data indicate optimism, with future contract prices higher than the spot price.
Technical analysis shows a bullish flag pattern breakout, supported by golden cross EMAs and RSI momentum, suggesting further upside potential.
As the crypto outlook shows strength in the PEPE crypto price, plotting the inverse Fibonacci retracement tool, we get the resistance of $0.00001290 and $0.00001515.
Moreover, the support levels for the crypto situated on the lower side are $0.00000460 and $0.00000630.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
