PEPE Price Could Witness an 80% Rally After Validating This Pattern
08/17/2024 21:00
PEPE's price has been slipping over the past few days, but as it moves within a descending wedge, the outlook appears bullish.
PEPE price is currently noting bearishness owing to the broader market cues, but this could turn around.
Considering the macro price action, the famed meme coin could be poised for a massive rally.
Potential PEPE Profits Incoming
PEPE price’s decline led to millions of dollars worth of supply becoming loss-bearing. Investors across the globe felt the same impact, as the overall profit supply fell to 72%.
The last time profits were this low was earlier in the month of August, and the last time before this was February 2024. The six-month low profits suggest the investors are losing largely and quickly.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
One of the largest bouts of losses occurred in the last two weeks, as the PEPE price fell from $0.00001000 to $0.00000718 at the time of writing. According to the Global In/Out of the Money (GIOM) indicator, about 123 trillion PEPE lost profits in this duration.
At the current price, this supply is worth close to $880 million. Between $0.00000900 and $0.00001000, investors bought the largest amount of supply, crossing over 95.7 trillion PEPE. However, there is a shot that all of this supply could become profitable again.
PEPE Price Prediction: Breaking Out
PEPE’s price is stuck in a descending wedge after failing to break through in the latter half of July. Testing the lower trend line of the pattern, the meme coin is trading at $0.00000718.
Given that the descending wedge is a bullish pattern, a breakout above the upper trend line suggests a nearly 80% rally ahead. This uptrend places the potential target at $0.00001725, which is the current year-to-date high.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
However, profits would increase if the pattern fails and the PEPE price falls through the lower trend line. As a result, the meme coin could drop through the support of $0.00000633, falling to $0.00000474. This would invalidate the bullish thesis entirely.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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