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Frog-themed cryptocurrency Pepe (CRYPTO: PEPE) defied the broader slump in the meme coin market to post gains on Monday.
What happened: The Ethereum (CRYPTO: ETH)-based coin was up 1.25% in the last 24 hours, contrasting with the sharp decline in blue-chip meme coins.
Indeed, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) fell 2.97% and 1.85%, respectively, while the overall meme coin market capitalization fell 2.9%.
PEPE, on the other hand, traded in the green, with trading volumes surging by 164% to $982.68 million.
See Also: PlanB Shifts Bitcoin Holdings To ETFs Saying He’s No Longer A ‘Maxi’ — Peter Schiff Reacts: Apex Crypto ‘Not Fulfilling Its Supposed Purpose’
A widely followed cryptocurrency analyst, known by the pseudonym World Of Charts, noted PEPE's breakout from a descending broadening wedge pattern, prompting a 30-35% bullish forecast.
Note that a descending broadening wedge is a bullish reversal formation, characterized by two sloping and diverging trend lines.
Why It Matters: In the last 24 hours, the total balance held by PEPE’s long-term holders increased by 0.33%, according to IntoTheBlock. A surge in accumulation typically indicates bullish sentiment.
Moreover, large transactions valued over $100,000 more than doubled in the last 24 hours, indicating strong engagement from whales.
That said, over 50% of PEPE futures traders were bearishly positioned, according to Coinglass' Long/Short Ratio, signaling a likelihood of a pullback.
Additionally, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Sell” signal for PEPE, according to TradingView.
Price Action: At the time of writing, PEPE was exchanging hands at $$0.000009860, up 1.25% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Akif CUBUK/Shutterstock.com
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