Pepe Coin (PEPE) Continues to Show Strength Despite Major Sell-off from One of Its Largest Holders

The meme cryptocurrency is displaying several bullish patterns that suggest further price increases may be on the horizon.

Pepe Coin has continued to show strength on the charts despite a major sell-off from one of its largest holders. This is pushing several bullish patterns to suggest further price increases may be on the horizon.

A wallet connected to Robinhood cryptocurrency exchange sold approximately $15 million worth of PEPE into the market over the last 24 hours. This type of whale movement typically creates downward pressure on prices, and large entities often follow up sell-offs with some level of buyback in the same period.

However, Robinhood did not make any repurchases after this transaction.

Even with this substantial selling volume, PEPE managed to hold its price levels and actually saw some strength. The asset rallied by 8% during the same 24-hour period when the sell-off occurred.

Despite the sale, Robinhood remains the second-largest holder of PEPE, controlling 3.67% of the total supply, valued at around $209.9 million.

Short-term analysis of PEPE shows the asset trading within a symmetrical triangle pattern on the 4-hour chart. This formation is characterized by converging support and resistance levels, which technical analysts view as potentially bullish.

If PEPE breaks out of this formation, it could push prices up by 12.24%, potentially reaching a target of $0.00001541.

The longer-term outlook appears even more promising. The daily chart reveals PEPE trading within a cup-and-handle pattern, another bullish indicator.

For this pattern to trigger a rally, PEPE must break through the resistance level at $0.00001483. If successful, this could lead to a 91% price increase, taking PEPE to $0.00002836 – a level not seen since December 2024.

Market momentum for PEPE seems to be building across both spot and derivatives markets, further supporting the bullish case.

In the spot market, buying interest has been gradually increasing, with $335,000 worth of PEPE purchased at the time of analysis, signaling growing demand for the token.

The derivatives market also shows positive signs. The OI-weighted funding rate stands at 0.0127%, confirming the presence of bullish sentiment among futures traders.

Several prominent analysts have issued optimistic price forecasts for PEPE. Solberg Invest projects that PEPE could reach $0.000025, potentially during the second quarter.

Trader Kaleo has made an even bolder prediction, suggesting that PEPE could achieve a market capitalization of $10-20 billion in the long term.

Smart money investors are increasingly viewing PEPE as an excellent beta bet on Bitcoin and Ethereum, especially for those seeking to make larger allocations within the meme coin market.