Pepe price has been in a bullish rally in the last 24 hours with the price swaying between an intra-day high and low of $0.00001093 and $0.000009302, respectively.
Consequently, Pepe price has captured attention as it consolidates within a symmetrical triangle, positioning itself for a potential 200% breakout, according to crypto analysts. As of press time, PEPE was trading at $0.00001051, a 12% surge from the support level.
Pepe Price On The Verge Of 200% Breakout?
PEPE price is currently trading within a symmetrical triangle pattern, which suggests a balance between buyers and sellers. This pattern, marked by converging trend lines, often leads to a breakout once the price escapes the triangle’s confines.
According to analyst World of Charts, this setup indicates that the price could soon make a decisive move, potentially leading to a 200% surge if it breaks through the upper resistance.
The recent rally in Pepe price has placed many holders in profit, with data from IntoTheBlock showing that around 72% of holders are currently “in the money.” This increase in profitability reflects the growing bullish sentiment within the Pepe community, which has helped sustain the price within the consolidation phase.
Analysts emphasize that a breakout above the resistance line, accompanied by high trading volume, would confirm the bullish scenario for PEPE price.
Whale Accumulation Drives Community Optimism
Large holders, often referred to as “whales,” have shown increased interest in Pepe, with several significant withdrawals from major exchanges. Notably, whale addresses have moved hundreds of billions of Pepe tokens off exchanges, suggesting that they are holding these tokens in anticipation of a price rise.
One whale alone reportedly withdrew 535.81 billion Pepe tokens, worth over $5 million, from Binance.
Whales are accumulating $PEPE!
In the past hour, 3 whales withdrew 835.6B $PEPE($7.94M) from #Binance and #Gateio!
0x51Cc withdrew 535.81B $PEPE($5.09M) from #Binance.https://t.co/2Bjy1s07j5
0xa586 withdrew 163.37B $PEPE($1.44M) from #Binance.https://t.co/QYR3aPhb00
0xd3B0… pic.twitter.com/UJh1YjqG0B
— Lookonchain (@lookonchain) November 6, 2024
This accumulation by whales has contributed to the optimism around PEPE, as it signals confidence from major investors. Many view this as a positive indicator that could support a potential breakout. Crypto analyst World of Charts highlighted that if buy-in pressure continues, the Pepe price could break past the triangle’s upper boundary, setting the stage for a substantial price increase.
Concurrently, Robinhood’s recent launch of a Pepe transfer feature for its European users has also contributed to the increased demand for the token.
PEPE Price Technical Analysis
Technical indicators further support a bullish outlook for PEPE price. The Moving Average Convergence Divergence (MACD) is showing positive momentum, with the MACD line diverging above the signal line, indicating growing buying pressure.
Additionally, the Relative Strength Index (RSI) is currently above 65, suggesting that the token is in bullish territory but not yet overbought.
These indicators suggest that PEPE price has room for upward movement, provided market sentiment remains strong. Analysts have identified the immediate resistance level at around $0.00001100, a previous high that could serve as the next target in the event of a breakout. If Pepe successfully clears this level, it could set sights on the projected target of approximately $0.00001350.
The post Pepe Price Is On The Verge Of 200% Breakout, Analyst Weighs In appeared first on CoinGape.
