The altcoin market is already reacting to the bitcoin halving. The four-year event known to be a major trigger in the markets occurred late last week. Just six days later, some tokens are experiencing exceptional growth rates. Among them, the PEPE crypto. A look back at the current trends of the token.
The PEPE crypto finds a support level at $0.00000463
In our recent article on the 10 nuggets under $0.1, we proposed PEPE. The recent crypto trend has proven us right. Indeed, for those who have followed the evolution of the PEPE price closely, you will certainly have noticed that the token had recently experienced a sharp decline. It went from $0.0000108 to $0.00000393.
This downward correction was a hard blow for many investors. However, six days after the bitcoin halving, the trend reversed and the price of the crypto quickly climbed. Its price increased by 47% in less than a week, thus causing a systematic reversal on the daily chart.
The crypto is currently trading at prices of $0.000008. It has now found a new support level at $0.00000463. Should we invest in it now or is it too late?
Will PEPE crypto reach the overall resistance level of $0.0000108?
This increase in the price of PEPE is happening at a time when whales have accumulated very large quantities of the cryptocurrency. Indeed, analysis of recent on-chain data revealed that one whale alone accumulated 211.6 billion PEPE tokens for $1.72 million.
These purchases allowed him to make an unrealized profit of $173,000, which constitutes a return of 11%. PEPE therefore owes its definitive exit from its zone of resistance to this whale. And when we consider the crypto's ascending chart and the accumulation of whales, it feels like PEPE has entered a long-term recovery.
If this hypothesis is confirmed, we will not be surprised to see the price of the crypto reach the global resistance levels of $0.0000092 and then $0.0000108. PEPE is clearly a cryptocurrency to watch very closely in the coming weeks.
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