As exchange reserves decline and the pepe coin price forms a falling wedge pattern, it may soon go into bullish momentum.
In recent months, the price of Pepe coins has fallen, wiping out over $6.7 billion in value. From a record high of $0.00002827 in December last year, it dropped to $0.0000080. However, declining exchange balances and powerful technicals suggest that the Pepe price might soon go into beast mode.
As Exchange Balances Decline, Pepe Coin Price May Rise
Indicating a possible recovery in the upcoming weeks, there are indications that investors are still hoarding Pepe coin. Despite its recent crash, the number of Pepe holders has increased to 417,000, up from 406,000 on the same day a month ago, according to data from CoinCarp. Holders typically decline when the price of a coin declines.
According to additional data, pepe balances on exchanges have decreased over the last few weeks. A week ago, there were 241.86 trillion tokens on exchanges; today, there are 240.22 trillion. Additionally, the overall supply on exchanges has decreased to 57%.
A decline in exchange reserves indicates that cryptocurrency investors keep their holdings in safer self-custody accounts. This is because when investors sell their coins, they transfer them from their wallets to exchanges.
Technical Indicators Show Price Increase for Pepe Coin
Due to its intricate technicals, Pepe Price might also go into beast mode. At $0.000005895, there are indications that a massive double-bottom pattern has formed, which is the first major bullish catalyst. Two down swings and a neckline, which in this instance is at an all-time high of $0.00002827, are the two main components of this pattern.
Additionally, the price of the Pepe coin has formed a falling wedge chart pattern. This pattern occurs when an asset gathers within a channel that is descending and convergent. Usually, a bullish breakout occurs when the two lines are close to their confluence.
Technical indicators suggest that the price of Pepe coin will continue to rise. The BBTrend indicator is on the verge of flipping the zero line after continuing to rise. The distance between the lower and upper lines of the Bollinger Bands is subtracted to create this unique indicator.
