Pepe Coin plunged 40%, but the frog coin may leap higher than ever
The price of Pepe Coin remains in a bear market after crashing by double digits from its highest level in May.
Pepe, the second-largest Ethereum meme coin, has dropped to $0.000010 — down 40% from its highest point in May. Here are the top three reasons why it will bounce back soon.
Pepe Coin price forms falling wedge
The first main reason why the Pepe token may rebound soon is that it has formed a falling wedge, a popular bullish reversal pattern. A falling wedge comprises two descending and converging trendlines, which have neared their confluence levels. A wedge is one of the most bullish patterns in technical analysis.
Pepe price has also remained above the ascending trendline that connects the lowest swings since March this year. It has also remained above the ultimate support of the Murrey Math Lines at $0.000005960.
Therefore, the token is likely to experience a strong bullish breakout, with the following key point to watch being at $0.00001625, representing an increase of over 70% from the current level. A drop below the weak, stop-and-reverse level at $0.000007450 will invalidate the bullish view.
Get to know Trustleak
Trustleak crypto signal is a service which provide profitable crypto and forex signals. Trustleak tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Trustleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +100 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Trustleak and get more information about us only need to follow trustleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Trustleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
High volume and open interest
There are signs that Pepe’s demand and popularity is still high. CoinGecko data shows that its 24-hour volume was over $400 million on Sunday, July 6. While this volume was lower than its historical levels, it was significantly higher than that of other popular meme coins. For example, Shiba Inu (SHIB) had a 24-hour volume of less than $70 million.
CoinGlass data shows that Pepe’s futures open interest has remained steady in the past few weeks. It had a 24-hour open interest of $522 million, higher than the year-to-date low of $173 million. A high open interest is a bullish catalyst for an asset because it indicates increased demand.
Pepe’s exchange balances in a free fall
Further data shows that investors are not selling their Pepe Coins despite their recent crash. Santiment data shows that Pepe’s reserves on exchanges have dropped to a multi-year low of 101.7 trillion. This is a significant decline from the year-to-date high of 158.9 trillion tokens.
The falling exchange supply and the rising whale accumulation mean that the token may rebound soon. According to Nansen, the number of Pepe tokens held by whales has increased by 4.1% over the last 30 days to 7.6 trillion.
