Pepe Coin Leads Crypto Recovery; PEPE Price Jumps By 5%

The crypto ecosystem is in recovery mode after a tumultuous week that saw more than $1 billion removed from the market thus far. While this recovery is being fueled by Bitcoin (BTC) whose losses are shrinking at the time of writing, PEPE's bullish moves are also fueling the potential upsurge of altcoins.

Timeline of Pepe

PEPE, the amphibian-themed token that kickstarted the meme coin season in April this year, remains a subject of both fascination and volatility within the cryptocurrency landscape. Its journey, marked by highs and lows, offers insights into the evolving dynamics of this speculative market.

In a surprising turn of events, a prominent crypto whale has unloaded a staggering 825 billion PEPE tokens at a loss over the past three days, sending ripples through the crypto community.

Against the industry-wide headwinds, PEPE price entered a 4% upswing in the early hours of Thursday, August 17. On-chain data examines how PEPE price could react if long-term holders continue to book profits.

Amid the recent uptrend in memecoins, crypto analyst Michaël van de Poppe is eyeing a potential breakout surge for the lesser-known challenger, Pepe (PEPE). With the surge of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) capturing the market's attention, Pepe has caught the analyst's eye as a potential candidate for a significant price movement.

PEPE surged remarkably in the past week posting gains of approximately 20%. The $0.0000011079 support level on the daily chart acted as a price pivot for the gains in the last few days, indicating an attempt to enter the buy zone.

According to a recent tweet by The Data Nerd account, a wave of heavy accumulation undertaken by multiple whales and smart wallets has ensured a 23% rise for the trendy PEPE meme coin in the past seven days.

A widely followed crypto analyst believes that Dogecoin (DOGE) challenger Pepe (PEPE) is gearing up for a breakout surge. Analyst Michaël van de Poppe tells his 663,100 X followers that Pepe looks primed for a breakout amid the recent rise of fellow memecoins DOGE and Shiba Inu (SHIB).

Pepepcoin Price Analysis: On August 8th, the Pepecoin price gave a bullish breakout from the resistance trendline of a falling wedge pattern. This pattern completion signals a trend reversal and triggers a V-shaped recovery in the daily time frame chart.

In the daily time frame chart, the Frog-themed memecoin PEPE shows a V-shaped recovery from the combined support of $0.00000105 and 78.6% Fibonacci retracement level. This bullish upswing is likely associated with the formation of a bullish reversal pattern called an ending diagonal.

The movement of large token volumes can send ripples throughout the market. Recent activity around PEPE tokens has raised more than a few eyebrows, with a particular whale making considerable purchases.