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Pepe’s price appears to be on the cusp of a bullish breakout following the formation of a golden cross pattern and substantial whale accumulation of 170 billion tokens in May.

Pepe’s Price Surge and Market Dynamics

Pepe (PEPE) surged to $0.00001512 on Thursday, marking a 180% increase from its lowest level in April. This upward trend coincided with Ethereum (ETH) briefly reaching $2,788, its highest level since February.

Signs suggest Pepe could experience further gains. Data reveals that whale wallets have significantly increased their holdings this month, purchasing 170 billion PEPE tokens and bringing their cumulative total to 9.95 trillion tokens. This accumulation highlights growing interest from large-scale investors.

Whale and Smart Money Accumulation

According to analytics, “smart money” investors have been aggressively accumulating PEPE. Their holdings rose by 128% in May, reaching 653.73 billion tokens. This indicates that experienced investors anticipate continued momentum in Pepe’s price.

Exchange outflows also increased by 2.68% in May, reducing the overall exchange balance to 252.6 trillion PEPE—the lowest level since January 21. Exchange balances had previously peaked at 260 trillion earlier this year when Pepe’s price declined from its December all-time high of $0.00002831 to a March low of $0.0000052.

Declining exchange balances, paired with whale and smart money accumulation, point to a strengthening bullish outlook for Pepe.

Ethereum’s Influence on Pepe

Another potential catalyst for Pepe’s price increase is the performance of Ethereum. Ethereum has recently seen strong ETF inflows and formed a bullish flag pattern, which could signal further price growth. Historically, Pepe’s price tends to rise when ETH performs well, creating a positive correlation between the two assets.

Technical Analysis: Golden Cross and Bullish Patterns

From a technical perspective, Pepe has formed a golden cross pattern on its daily chart. This occurs when the 50-day moving average crosses above the 200-day moving average, often indicating the potential for a major bullish breakout.

In addition to the golden cross, Pepe has developed both a bullish flag and a rounded bottom pattern. The bullish flag is a continuation setup characterized by a sharp upward move followed by a consolidation phase, while the rounded bottom signals a longer-term bullish reversal.

A confirmed breakout above this month’s high of $0.00001625 could pave the way for further gains, with the next upside target being the all-time high of $0.00002831. This represents a potential 96% increase from current levels.

Key Takeaways

  • Whales accumulated 170 billion PEPE tokens in May, increasing their total holdings to 9.95 trillion.
  • Smart money investors boosted their PEPE holdings by 128%, reaching 653.73 billion tokens.
  • Exchange balances dropped to 252.6 trillion PEPE, the lowest level since January 21.
  • Pepe has formed a golden cross, bullish flag, and rounded bottom pattern, signaling potential for further price growth.
  • Ethereum’s performance could act as a catalyst for Pepe’s price surge.

With strong market dynamics and promising technical indicators, Pepe could be positioned for significant gains in the near future.

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