Can a 15 Surge Result in a Breakout or a Downturn

The frog-themed memecoin PEPE has experienced a significant surge of over 14.78%, climbing from $0.00001008 to $0.00001157.
PEPE’s smart money moved 407.74 billion tokens valued at $4.27 million to Binance at a break-even point.
Despite the current bearish phase in the cryptocurrency market, Bitcoin (BTC) has dropped to a monthly low of $64,000, causing a ripple effect among major altcoins. However, there is a glimmer of positivity in the crypto market today, particularly in the memecoin sector where some tokens are showing strong recovery.
One standout in this memecoin trend is the Pepe Coin (PEPE) with its frog theme, which has seen a significant surge. In the past 24 hours, PEPE’s price has surged by approximately 14.78%, rising from $0.00001008 to $0.00001157. This surge is reflected in its market cap, now standing at $4.89 billion, with a daily trading volume of $1 billion, showing a three-day streak of significant trading activity.
Over the past two weeks, PEPE has been correcting within the range of $0.00001087 to $0.0000143.
A recent notable transaction was revealed by Whale Alert on June 18, showing an anonymous address (0x835678a6) transferring 1.15 trillion PEPE tokens worth $12.34 million to Binance, bringing significant selling pressure to the market.
Furthermore, Lookonchain data indicates that a major whale deposited 407.74 billion PEPE tokens, valued at around $4.27 million, into Binance at a break-even price on the same day. This suggests significant market movements but has not shaken investor confidence, as seen in PEPE’s price increase and upward trend.
PEPE has managed to stay above the simple moving average (SMA), hinting at a potential continuation of its bullish pattern. If this pattern persists, the crypto could see further gains, potentially rallying 30-33% to challenge its recent all-time high of $0.00001718.
On the other hand, if the coin drops below the lower level of $0.0000953, this bullish outlook would be invalidated, leading to a potential decline to $0.0000089 and further down to $0.0000076.
The cryptocurrency market remains volatile, but PEPE’s recent performance showcases the dynamic and often unpredictable nature of digital assets, especially in the memecoin sector.