- PEPE has mirrored its 2023 accumulation pattern, signaling a possible breakout ahead.
- Whale activity and token transfers suggest continued confidence and quiet accumulation of PEPE.
- Technical indicators and rising futures interest point to growing momentum despite short-term dips.
If you think about it, $PEPE has just been accumulating since March 2024, just like it did from May 2023 before it 10x’ed. While recent market movements have caused short-term drops, the overall pattern continues to suggest a buildup similar to its last major breakout.
Price Pattern Mirrors Previous Cycle
According to Bitcoinsensus, PEPE’s current market structure is nearly identical to February 2023. During that time, the token accumulated in a tight range before exploding in price in June. Analysts suggest a similar setup may now be underway.
The price is currently trading at $0.00001119 after falling nearly 14%. However, large wallets continue to be bought. Lookonchain reported that a whale transferred 502.5 billion PEPE tokens worth $6.47 million to Binance on May 30. Despite the sell-off, Arkham Intelligence data shows the whale still holds $6.41 million worth of PEPE.
Meanwhile, over 11.75 trillion PEPE tokens have moved between major wallets in recent weeks, including a 2 trillion token transfer from Bybit to a private wallet. This behavior suggests quiet accumulation, which often occurs before price moves.
Technical Levels Show Potential for Breakout
According to analysis prepared by Rose Premium Signal, PEPE is holding an ascending trendline while trading inside a falling wedge pattern. These technical conditions are often seen before upward moves.
Resistance is found at $0.00001550, while support remains firm at $0.00001200. Indicators point to growing strength. The RSI stands near 50.1, MACD is showing convergence, and the Stochastic K is crossing upward.
Open interest in PEPE futures rose from $650 million to $735 million in late May, according to Coinglass data. According to Easyeight08, PEPE is still on track for a $50 billion market cap by the end of the year, if volume returns and breakout levels are breached.
