Crypto: This memecoin soars 47% after bitcoin halving.

The altcoin market is already reacting to the bitcoin halving. The quadrennial event known to be a major trigger in the markets took place last weekend. Just six days later, some tokens are experiencing exceptional growth rates. Among them, the PEPE cryptocurrency. Let’s take a look at the current trends of the token.

The PEPE crypto finds a support level at $0.00000463

In our recent article on 10 gems under $0.1 to watch, we had suggested PEPE. The recent trend of the cryptocurrency has proven us right. Indeed, for those who have closely followed the evolution of PEPE’s price, you would have certainly noticed that the token had recently experienced a sharp decline. It had gone from $0.0000108 to $0.00000393.

This downward correction was a hard blow for several investors. However, six days after the bitcoin halving, the trend has reversed, and the price of the crypto has risen rapidly. Its price has increased by 47% in less than a week, thus causing a systematic reversal on the daily chart.

The crypto is currently trading at the price of $0.000008. It has now found a new support level at $0.00000463. Should one invest in it now or is it too late?

GM

It's going in the right direction 🐸

by @markusmanson #PepePaint pic.twitter.com/x2SF74M0Vv

— Pepecoin (@pepecoins) April 22, 2024

Will the PEPE crypto reach the global resistance level of $0.0000108?

This rise in PEPE’s price occurs as whales have accumulated very large quantities of the cryptocurrency. Indeed, the analysis of recent on-chain data has revealed that a whale alone has accumulated 211.6 billion PEPE tokens for $1.72 million.

These purchases have allowed it to make an unrealized profit of $173,000, which is an 11% return. PEPE owes its definitive exit from its resistance zone to this whale. And when considering the ascending chart of the crypto and the accumulation by whales, it feels like PEPE has embarked on a long-term recovery.

If this assumption holds true, we will not be surprised to see the price of the crypto reach the global resistance levels of $0.0000092 followed by $0.0000108. PEPE is clearly a cryptocurrency to keep a very close eye on in the coming weeks.