The price of Pepe Coin is in correction after surging to a daily high of $0.00001480. Although it has dropped 10.6% in the past 24 hours, the PEPE price has still risen 37% in the past week, with its trading volume soaring to a 3-month high after the bullish breakout. After breaking above a five-month resistance level, can the price of PEPE soar 15-fold?
Pepe Coin Trading Volume Hits 3-Month High, Price Breaks All-Time High
CoinGecko data shows that this popular meme coin has a daily trading volume exceeding $72.3 billion across three chains (BSC, Ethereum, and Arbitrum One) and multiple exchanges, indicating a surge in trader interest and activity. The last time such trading volume levels were reached was during the crash on August 5th.
As more buyers and sellers enter the market, increased activity around a particular token can lead to greater price volatility. The Average Directional Index (ADX) indicator, which tracks asset volatility, confirms that Pepe's trading activity is increasing.
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Crypto analyst CryptoZeus says PEPE's price looks "extremely bullish" and, as predicted, the frog-themed meme coin will "skyrocket to the moon" in the "most exciting bull market ever."
Bullish Indicators: Can PEPE Price Increase by 1500%?
The current trend is bullish, as the Pepe coin price is above the 50-day and 200-day Simple Moving Averages (SMA), with the 50-day SMA providing support. The breakout from a triangular consolidation pattern also indicates a bullish momentum.
Recent candlestick charts show strong upward momentum, suggesting buying pressure.
The surge in trading volume during the triangle breakout indicates strong market interest, and the trend may reverse. Sustained high volume will confirm the strength of this breakout and could lead to continued upward movement.
The chart suggests that a wave-like structure may form after the breakout. The upside target may correspond to the wave extension, with an estimated target of $0.00019749, in line with the potential end of wave 3.
If bears push the price back into the triangle, the current breakout will be considered a false breakout, and the bullish thesis will be invalidated.
Key levels to watch include $0.00002214 and $0.00002798, which correspond to the 0.27 and 0.618 Fibonacci extension levels, respectively. Conversely, the critical support area is $0.00001119, which is the 0.38 Fibonacci retracement level.
Whales Driving Pepe Coin Price Surge
IntoTheBlock data shows that the number of large transactions for PEPE has surged in the past week, increasing from around 100 to over 1,020. Subsequently, the inflow of large holders has skyrocketed by 104% in the past 7 days and 195% in the past month.
When large investors, often referred to as "whales," increase their activity, it may indicate strong confidence in the potential of the crypto asset, leading to increased price volatility and potentially driving up prices due to increased demand.
