πŸ€”Can Pepe Coin Price Overcome Whale-Induced Setback? Key Support Levels in Focus

Irma - May 19 - - Dev Community

πŸ“‰ PEPE Price Correction: Despite recent market movements, Pepe coin experienced an 18.8% drop to $0.00000943, pressured by resistance at its previous all-time high of $0.0000108. With BTC at $67000, PEPE faces a crucial moment, teetering between resuming its rally or entering a new correction.

πŸ“ˆ Steady Recovery: Pepe coin has been on a steady recovery since last month, supported by an ascending trendline in daily charts. This trend lifted the asset from $0.00000393 to a new all-time high of $0.0000161, marking a 195% growth.

πŸ’Ό Whale Impact: A recent transaction by a PEPE whale, depositing 457.9 billion tokens worth $4.54 million to Binance, contributed to a 6% price drop. This whale, known for poor trading decisions, has historically caused sharp price declines with large PEPE movements.

🐸 Seeking Support: Despite the setback, PEPE hovers above the support trendline, aiming for renewed recovery momentum. If it holds above the trendline and with BTC sustaining above $65000, buyers could drive the next recovery towards $0.0000138 and $0.0000167.

πŸ“Š Technical Analysis: The Bollinger Band midline provides support for buyers, while the Vortex Indicator signals weakening recovery momentum with a potential bearish crossover between VI+ and VI-.

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