Pepe Coin price made a bullish breakout on Thursday, July 3, as cryptocurrencies bounced back and whale accumulation continued.
Pepe (PEPE), the second-biggest Ethereum (ETH) meme coin, jumped to $0.0000107, its highest level since June 17. This rally coincided with the broader crypto market rally, with Bitcoin (BTC) hitting $110,000 for the first time in weeks.
Nansen data shows that PEPE’s price jump came amid increased whale accumulation, a sign that large holders expect further gains. Whales now hold 7.95 trillion tokens, representing a 5% monthly increase.
The top 100 addresses have also expanded their holdings, now controlling 302.8 trillion coins, representing a 3.86% rise from the previous month.
Additional data shows that the amount of PEPE tokens on exchanges has dropped to its lowest level in over two years. As of July 3, there were 246.96 trillion tokens held on exchanges, down from 254 trillion on the same day in June.
Fewer tokens on exchanges typically indicate that investors are moving assets to self-custody, signaling long-term holding. Conversely, tokens are usually sent to exchanges when investors plan to sell, either to take profits or in anticipation of price declines.
PEPE’s rally also followed Ethereum’s bullish breakout, as ETH retested the $2,600 resistance level. Since PEPE is an ERC-20 token, it often rallies in tandem with ETH. Notably, it surged in May when Ethereum climbed from $1,388 to $2,867.
Pepe price technical analysis
The daily chart shows that PEPE peaked at $0.00001625 in May before entering a bear phase throughout June.
On the bright side, it bottomed at a key support level, aligning with the ascending trendline that connects the lowest points since March.
PEPE has also formed a falling wedge pattern, a bullish continuation setup in technical analysis. This formation includes two downward-sloping, converging trendlines, with breakouts typically occurring as the lines approach convergence. Currently, PEPE is attempting to move above both the 50-day and 25-day exponential moving averages.
If bullish momentum holds, the token could continue climbing toward the $0.00001625 resistance level, a more than 70% increase from current prices. However, a drop below the $0.0000080 support would invalidate the bullish outlook.
