At least two crypto analysts have noticed interesting trends in the PEPE/ETH chart price patterns. This chart shows a breakout, indicating that the PEPE price may rise soon.
The PEPE/ETH is the exchange rate of PEPE ($PEPE) to Ethereum ($ETH) on exchanges. It signifies how much PEPE is worth in ETH instead of stablecoins or fiat currencies like USD.
If the PEPE/ETH price increases, it indicates that PEPE is gaining value against ETH. This could indicate that PEPE is appreciating more than ETH, or maintaining its value as ETH declines.
If the price goes down, PEPE is losing value against ETH. This could indicate that Ethereum is doing better than PEPE in the market.
PEPE/ETH: PEPE Price Outpaces Ethereum
According to analyst ChandlerCharts, PEPE once more dominates Ethereum (ETH) in terms of performance. Recent market analysis suggests that PEPE is decoupling from Ethereum, indicating increased investor confidence in the meme token.
While $ETH is trending south, $PEPE has been trending north, showing price-side decoupling.
The price chart shared on the tweet shows PEPE’s price breakout, a rising trend with higher lows and consistent gains. In contrast, the Ethereum price is experiencing struggles and moving downwards. This divergence can show that investors move funds into meme coins like $PEPE, anticipating improved short-term profits.
Another less-known crypto analyst, XBTGengar, also shares this view. In a recent post, he highlighted that $PEPE is gaining strength, suggesting a significant upward movement. The breakout signals a shift in market dynamics, with $PEPE potentially outperforming Ethereum in the near term.
One key factor supporting this prediction is a “massive daily bullish divergence.” This technical indicator occurs when price action moves in the opposite direction of an oscillator, hinting at a potential trend reversal. In this case, the PEPE price has been oversold and could be gearing up for a strong recovery against $ETH.
The analyst forecasts that PEPE’s price could increase by over 50% following the breakout. If momentum continues, traders might look for further upside targets as speculative interest in meme coins remains strong.
Large Purchases Signal Accumulation Phase for PEPE Coin
The PEPE meme coin was the biggest winner among the top 100 coins by market value in the past 24 hours. Its price has increased by 15.85% and is currently at $0.000007230 on CoinMarketCap.
In the last 24 hours, trading volume also exceeded $1 billion, up by 13.41%. This shows that interest from crypto investors, traders, and large holders is growing.
Blockchain data reveals that investors are actively buying PEPE. Three wallets, all connected to Tornado Cash, quickly accumulated 689 billion PEPE tokens.
Lookonchain reported that wallet 0x7A7D made the largest purchase, spending 1,413.4 ETH ($2.72 million) for 437.7 billion PEPE. Wallet 0x9212 spent $1 million to acquire 158.58 billion PEPE, while wallet 0x7779 spent 299 ETH ($574,000) for 93.51 billion PEPE. These substantial investments raise the possibility of an impending buying phase ahead of a potential price surge.
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