Pepe Coin price rose for the second consecutive day on July 16, with ongoing whale accumulation and a golden cross pattern pointing to a potential bullish breakout.
Pep Coin (PEPE) climbed to $0.0000138, its highest level since July 11 and 60% above its lowest point in June.
On-chain metrics suggest further gains for Pepe during this crypto bull run. According to Nansen, whales have increased their holdings by 11.8% over the past 30 days to over 9.19 trillion coins, up from 8.18 trillion on June 18.
Whale accumulation is widely viewed as one of the most bullish signals in crypto, as these investors are often considered more sophisticated.
Similarly, smart money investors have increased their positions to 185 billion coins from 183.8 billion a month ago. At the same time, exchange balances for Pepe have dropped to 250 trillion, down from 258 trillion last month.
The main catalyst for the Pepe Coin price is the Ethereum (ETH) breakout. As crypto.news wrote, there are high chances that Ethereum price will go parabolic and hit the psychological point at $4,000 in the coming months.
An Ethereum rally to $4,000 would be highly bullish for Pepe and other meme coins within its ecosystem.
Pepe Coin price technical analysis
The daily chart shows that Pepe has further upside potential in the months ahead. It has already broken out above the upper boundary of a falling wedge pattern, a classic bullish reversal indicator.
Pepe is now approaching the 38.2% Fibonacci retracement level at $0.000014 and a major support/resistance level based on the Murrey Math Lines tool.
Most notably, the token has formed a golden cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages cross each other.
The Average Directional Index is pointing upward, indicating strengthening momentum. As a result, Pepe is likely to continue rising, with bulls eyeing the key resistance at $0.00001624, its highest level in June. A drop below support at $0.000010 would invalidate the bullish outlook.
