Pepe Coin Price Forecast: Can it Rise 45% Amid Ongoing Whale Activity and Exchange Supply?
The Pepe coin price has retreated by over 27% from its highest level this year, but the ongoing whale activity and exchange supply may push it higher. According to data by Nansen, a top analytics platform, the Pepe coins on exchanges stood at 239.84 trillion, down by 1.46% from where they were last week. This decrease in exchange supply could be a positive sign for the long-term prospects of the Pepe coin.
Exchange Supply and Whale Activity: A Catalyst for Growth
The Pepe coin has a substantial volume compared to other meme coins, with a 24-hour volume of $2.9 billion, making it second only to Dogecoin. However, the exchange supply has decreased by 1.46% in the last week, indicating that investors are holding onto their Pepe coins, which is a positive sign. Moreover, on-chain data shows that whales continued buying Pepe, with one whale buying coins worth over $2.7 million on Wednesday and another moving coins worth almost $1 million from Binance.
Technical Analysis: Break and Retest Pattern Completes
Technically, Pepe has just completed the break and retest pattern, a common sign of a bullish continuation pattern. The coin has dropped and retested the support at $0.0000172, its highest level in March 2024, and the upper side of the cup and handle pattern. By measuring the depth of the cup, we can estimate that the next Pepe price forecast is $0.000028, which is about 45% above the current level.
Falling Wedge and Morning Star Patterns: A Bullish Reversal
Further supporting the bullish case is the fact that Pepe has formed a falling wedge chart pattern and a small morning star. A wedge, which is made up of two falling and converging trendlines, is a popular bullish reversal pattern. A morning star is a candlestick pattern that has a small body and upper and lower shadows, which points to a potential bullish breakout in the next few weeks. The initial target will be the year-to-date high of $0.000025, followed by $0.0000172.
Conclusion
The Pepe coin price has the potential to rise 45% in the coming weeks, driven by ongoing whale activity and exchange supply. The completion of the break and retest pattern, the falling wedge and morning star patterns, and the decrease in exchange supply all point to a bullish outlook for the coin. However, it is essential to keep in mind that the cryptocurrency market is inherently volatile, and prices can fluctuate rapidly. Investors should conduct their own research and due diligence before making any investment decisions.
Recommendations
Based on the analysis, investors who are bullish on the Pepe coin should consider the following:
- Buy on dips: Investors can buy Pepe coins on dips in the coming weeks, taking advantage of the potential 45% price increase.
- Long-term investment: The Pepe coin has a substantial volume and a decrease in exchange supply, making it an attractive long-term investment opportunity.
- Technical analysis: Investors should keep an eye on the technical indicators, such as the falling wedge and morning star patterns, which can provide valuable insights into the coin’s price movement.
- Risk management: Investors should manage their risk by setting stop-loss orders and limiting their exposure to the cryptocurrency market.
By following these recommendations, investors can potentially profit from the Pepe coin’s price increase and ride the wave of the cryptocurrency market’s growth.
