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Pepe Coin Price Analysis Hints 40% Rally As Bull Flag Forms Amid Healthy Retracement

Pepe Coin Price Analysis: The cryptocurrency market experienced notable supply pressure in the second week of June. With the Bitcoin price reverting from $71000, macroeconomic factors increasing market uncertainty, and BTC Miner’s capitulation, the majority of major altcoins entered a fresh correction trend. However, due to its volatile nature and more speculating trading, the memecoin sector faced accelerated selling pressure in this downfall.

PEPE, the Frog-themed meme coin was among the high-performing assets amid the April-May market recovery. The bullish trend lifted the asset to a new high of $0.00001725 before it entered a new correction phase due to Bitcoin’s reversal from $71000.

The bearish turnaround plunged the Pepe coin 30% down to trade at $0.000012, while its market cap wavered around $5.07 Billion.

This week was notably bearish for crypto investors as Bitcoin plunged to a 4-week low of $65000, likely influenced by factors like Pre-CPI data FUD, notable outflow in BTC ETFs, Bitcoin Miners capitulation, and whale distribution.

A recent lookonchain report highlighted the volatile journey of a trader with PEPE tokens. Initially buying 114.7 billion PEPE for $1.27 million, the trader saw potential profits soar by 50% to $670K when PEPE peaked at $0.0000017 on May 27.

However, failing to sell at this high, the trader watched as the value plummeted below his purchase price. Ultimately, he sold all holdings at the break-even point, missing out on substantial gains.

These tractions highlight the volatile nature of this asset and large money traders do not expect an aggressive move in the near term.

However, an analysis of the daily chart shows that the PEPE price falls within two parallel walking trendlines to develop a bull-flag pattern. This chart pattern is commonly spotted in an established uptrend to regain the bullish momentum.

For buyers to regain a signal of potential recovery, the PEPE price must pierce the overhead trendline for potential support. If the breakout is sustained, the buyers could rechallenge the high of $0.0000175 and chase a potential target of $0.00002.


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