PEPE price has been showing fresh on-chain activity and a bullish chart pattern that could signal more gains for the meme coin.
What Happened: The PEPE to Tether (USDT) 4-hour chart was still forming a falling wedge, which was a bullish chart pattern. The chart showed how PEPE was moving inside this narrowing wedge after a strong impulse move.
The 50-period Exponential Moving Average (EMA), which tracks the average price over time while giving more weight to recent prices, was currently running just below the price and acted as dynamic support.
Volume was remaining steady during this pattern, with a few surges on green candles, which was supporting bullish interest. The Relative Strength Index (RSI), a momentum indicator, was at 49.95. This was close to the neutral 50 mark and showed the market was balanced but could shift direction soon.
If the breakout was to be confirmed, then the upside target was at 0.00000961 USDT. This level presented a 9% gain from the wedge breakout point. The structure and momentum suggested bulls might try to retest that level in the short-term if volume continued to support the move.
What Next: A "whale" wallet moved 1.5 trillion PEPE, valued at $13.3 million at the time of the transfer, from Binance, according to blockchain tracker Lookonchain. The wallet, which had over $147 million in assets, was also seen receiving 1.5 trillion PEPE.
At the same time, Santiment’s data showed that PEPE’s total exchange supply dropped to 107 trillion tokens, the lowest point in over a year.
This meant traders were cutting back on their exchange holdings, which could reduce overall supply and increase the potential for a supply squeeze.
Some analysts were also expecting a bullish breakout out of a steeper descending trendline on the chart. One forecast suggested a potential 130% price increase, with a target of around $0.000021 if the breakout occurred.
