Pepe Coin price dropped for the second consecutive day as the recent momentum in the crypto market faded. It dropped by 6% today, June 26, reaching a low of $0.000009210, down by 43% from its lowest point in May. Still, Pepe price may jump by 70% after forming a bullish chart pattern and as whale accumulation resumes.
Pepe Coin price Falling Wedge Pattern Points to a 70% Surge
Technicals suggest that the Pepe Coin price may be on the verge of a strong bullish breakout in the near term. The most bullish catalyst is the fact that it is slowly forming a falling wedge pattern on the daily timeframe chart.
A descending wedge pattern comprises of two falling and converging trendlines. The upper one connects the higher lows since May 23, while the lower trendline links the lower lows since May 11. These two lines are now nearing their confluence or meeting point, where bullish breakouts happen.
The price target in a falling wedge is estimated by first finding the height of its widest point. In this case, this is $0.00001625 minus $0.00001135, which is $0.0000049.
The next stage is to estimate the breakout point, which in this case is at $0.000009. Adding the two gives an estimated target of $0.0000139, up by 50% from the current level.
A drop below this week’s low of $0.000008320 will invalidate the bullish 2025 Pepe price forecast. It will signal that there are more bears left in the market willing to push it lower, potentially to the year-to-date low of $0.000005740.
Pepe Whales are Buying and Exchange Balances Falling
A potential bullish catalyst for the Pepe price is that whales have continued to accumulate the coin this month. In most cases, whale purchases often lead to substantial gains over time because these investors are often more experienced.
Whales now hold 7.64 trillion Pepe Coins, a big increase from 7.14 trillion on the same day in May. This means that their holdings have soared by nearly 6% in the same period.
Additional data shows that public figure investors have also added into their Pepe Coin holdings. They now hold 274.37 billion coins, up from 273 billion on June 23.
Most notably, the supply of Pepe Coins on exchanges has dropped by over 2.73% in the last 30 days to 248.2 trillion. Falling exchange reserves means that there are fewer tokens in circulation, which is a bullish aspect for the Pepe price.
Summary
A contrarian case can be made for the Pepe Coin price as it continues falling this month. It has formed a falling wedge pattern, while exchange balances are falling, and whale accumulation continues.
