Pepe Coin Skyrockets 17%, Traders Note 'Very Bullish' Technical Setup
Benzinga
Published Apr 22, 2024 21:41
Updated Apr 22, 2024 23:10
Pepe Coin Skyrockets 17%, Traders Note 'Very Bullish' Technical Setup
Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Frog-themed meme coin Pepe (CRYPTO: PEPE) has rallied 17% in the past 24 hours amid surging whale transactions, edging closer to the valuation of its rival dogwifhat (CRYPTO: WIF).
What Happened: Full-time crypto trader Scient notes that Pepe is already breaking out from its one-day downtrend on lower time frames. However, he emphasizes that a clean break and close in a one-day time frame would be a strong indicator of a bullish continuation.
Scient also mentions a previous setup from two days ago that has achieved full take profit (TP) with a 28% move and is now waiting for a flip in the current market trend for the next setup.
He also mentions a previous setup from two days ago that has achieved full take profit (TP) with a 28% move. He is now waiting for a flip in the current market trend for the next setup and advises followers to keep their eyes on the chart and wait for the trigger.
MaxBecauseBTC maintains a “Very Bullish” outlook for Pepe based on technical indicators, particularly Fibonacci extensions, which have led to a breakout from a multi-month re-accumulation phase.
He emphasizes the importance of learning from both rejections and breakouts at key levels, stating that pullbacks are necessary and healthy.
Also Read: Pepe Coin Futures Listed On Coinbase: ‘Basically A Replica Of DOGE In 2021,’ Claims Trader
Why It Matters: CoinGecko data indicates a 34% surge in the past seven days of trading, pushing Pepe’s valuation to 2.86 billion, placing its third position at risk compared to Dogwifhat’s valuation of $2.88 billion.
In terms of the past 24-hour trading volume, Pepe stands at $1 billion, significantly higher than $WIF’s 497.7 million and Shiba Inu’s $754.8 million.
Plazma, a heavily followed crypto trader focusing on Pepe, revealed that Pepe holders currently stand at 206,443, with 643 new holders added in the past 24 hours.
IntoTheBlock data highlights a surge in transactions greater than $100,000 to 120 transactions as of April 21, compared to 66 transactions as of April 20. Additionally, concentration by large holders stands at 72%, with around 74% of Pepe holders currently making a profit amid the current price surge.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: ‘Dogecoin Millionaire’ Consoles Trader Who Lost $1M On PEPE Long: ‘I Lost $3M Before Bro And I’m Still Here’
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