Benzinga - The crypto community is buzzing with bullish excitement, as one trader highlights the make-or-break level for Pepe (CRYPTO: PEPE) to continue its upward price direction.
What Happened: Pseudonymous trader Scient highlighted a significant support/resistance level at $0.00905. He wrote, "We had a deviation and three previous rejections from this level. The current 1D candle is shaping up to flip this level to support."
Scient adds, "Close below $0.00905 = Bearish. Above $0.00905 = Bullish." The trader added that he holds PEPE but would not add to the position.
Heavily followed trader The Flow Horse tweeted, "Which coin moves the hardest on the off chance that an ETH ETF is approved? My guess is PEPE."
Pepe-focused trader Plazma highlighted the price chart to predict that the meme coin should at least retest an all-time high this week.
$PEPE bounced from the highs of the two shoulders. With $BTC pushing higher and $SPY at ATH we should at least retest ATH this week. pic.twitter.com/EjxNrTehau— Plazma (@Plazma0x) May 20, 2024
Also Read: PEPE Explodes To All-Time Highs — Leaves Dogecoin, Solana Trailing In the Dust
Why It Matters: Pepe added 530 new PEPE holders in a single day on Monday, taking its total holders to 220,672. Plazma noted that with SPY at an all-time high, liquidity may return to risk-on assets.
Crypto trader Davie Satoshi highlighted whale movements in Pepe, with one whale selling $730,000 worth of PEPE, to buy back $842,000. Arkham Intelligence data showed that Revolut currently holds almost $2.5 billion of crypto customer balances. The largest tokens that they are holding are: Bitcoin ($1.58 billion), Ethereum ($540.25 million) and PEPE ($67.53 million).
Price Action: At the time of writing, PEPE is trading at $0.000009518, up 5% over the past 24 hours.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Pepe Pumps 8% And Millionaire Trader Thinks Will Become ‘So Nutty Soon’ That His $1M Investment Will Outperform All Others
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