Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Crypto traders express optimism about Pepe (CRYPTO: PEPE) despite a recent pullback, with some anticipating a powerful move towards all-time high levels.
What Happened: Cold Blooded Shiller described Pepe as one of the strongest markets on the high time frame (HTF) and plans to hold the current flip, eyeing a challenge to the ATH zone. He sees “Some very good levels for fresh set ups along the way as well.”
Davie Satoshi reiterated the bigger inverse head and shoulder pattern on the PEPE chart, suggesting a potentially powerful move if it follows through.
Do you think this pattern will play out? https://t.co/y9RIhYjPbO— davie satoshi (@NFTdavie) May 9, 2024
Also Read: Dogecoin Is ‘Primed For Higher’ But Pepe Is ‘On A Moon Mission,’ Exclaims Trader
Why It Matters: IntoTheBlock data shows a 1.6% surge in holders’ balances to $323.2 million, with around 78% of holders remaining in profit. Despite Bitcoin prices retreating 2%, Pepe is trading flat, maintaining a negative price correlation (-0.09) with Bitcoin. However, an unknown wallet withdrew 357.34B PEPE (worth $2.9 million) from Binance, which could be a sign of profit-taking.
Crypto trader Plazma highlighted the addition of 262 new PEPE holders after its inclusion in the newly launched Meme Coin Index. He noted that the markets needed a pullback, with PEPE touching 92 and retracing to 772 for a 15% drop in 48 hours. Plazma believes that the bottom has been reached and expects Pepe to continue its upward trajectory from here.
Price Action: At the time of writing, PEPE was trading at $0.000008473, up 6.3% over the past 24 hours.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin Is ‘Primed For Higher’ But Pepe Is ‘On A Moon Mission,’ Exclaims Trader
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.