Pepe Coin

Pepe

The crypto market started the new week on a bearish note after Bitcoin suddenly dropped to $66700 on Monday. The BTC price witnessed intense supply pressure of $70000, which has stalled the recovery trend in the altcoin market since last week. Amid the sell-off, the Pepe coin records an intraday loss of 1% to hit $0.0000116, prolonging its breakout from the inverted head and shoulder pattern. 
Also Read: <a href="https://coingape.com/us-government-transfers-29800-bitcoin-from-silk-road/">Breaking: US Government Transfers 29,800 Bitcoin From Silk Road</a> 
<h2 id="77-of-pepe-coin-holders-in-profit-is-a-major-price-breakout-imminent">77% of PEPE Coin Holders in Profit: Is a Major Price Breakout Imminent?</h2> 
Despite the broader market recovery, the Frog-themed <a href="https://coingape.com/meme-coin/">meme coin</a> PEPE has showcased a sluggish trend over the past two weeks. The price, forming alternate green and red candles in the daily chart, shows no clear initiation from buyers or sellers to drive the asset. 
The daily RSI slope wavering at 50% accentuates a neutral sentiment among market participants. 
However, a deeper technical chart analysis shows this consolidation as an accumulation trend before an inverted head-and-shoulder breakout. The bullish reversal pattern is commonly spotted at the market bottom and projects a clear change in market sentiment with a new high-low formation. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/fEaaPen2.png" alt="BINANCE:PEPEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Pepe Coin| Tradingview
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/pepe-coin/">PEPE coin price</a> currently trades at $0.0000116, with a market cap of $4.88 Billion. A potential breakout from the neckline resistance will signal a significant reversal and provide buyers with suitable support for a further rally. 
According to the chart dynamic, the post-breakout rally may drive the asset 40% higher to a new high of $0.000018. 
Also Read: <a href="https://coingape.com/breaking-mt-gox-prepares-to-move-the-rest-of-80-5k-bitcoins-btc-under-pressure/">Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure</a> 
The Global In/Out of the Money (GIOM) metric for Pepe Coin presents a positive outlook. Currently, 77% of PEPE coin addresses are ‘in the money’ (showing profits), whereas only 11% are ‘out of the money’ (incurring losses). This distribution hints at potential price stability, as most investors are in a profit-will-uplift panic selling scenario. 
<figure id="attachment_210152" aria-describedby="caption-attachment-210152" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210152" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42.png" alt="GIOM Metric" width="2412" height="854" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42.png 2412w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-1224x433.png 1224w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-768x272.png 768w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-1536x544.png 1536w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-2048x725.png 2048w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_19-17-42-150x53.png 150w" sizes="(max-width: 2412px) 100vw, 2412px">
 <figcaption id="caption-attachment-210152" class="wp-caption-text">
 GIOM Metric| Intotheblock
 </figcaption>
</figure> 
Approximately 35,230 addresses that acquired 56.5 trillion PEPE at prices between $0.0000110 and $0.0000130 are breakeven. A potential breakout from the Inverse Head and Shoulders (H&amp;S) pattern would also propel these holders into profit. Additionally, the tiny red spheres on the GIOM chart indicate minimal resistance for PEPE to reach its all-time high. 
The 50D and 100D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> wavering close to $0.0000108 creates a strong buyer support zone. Thus, a breakdown below this support could invalidate the bullish thesis and plunge the asset 12% to hit an ascending trendline since April 2024. 
Defending this support is crucial for buyers, as a further breach could lead to a major correction. 
The post <a href="https://coingape.com/markets/is-pepe-coin-40-climb-ath-reversal-pattern-insights/">Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights

Table of Contents

Coingape News Media

Other articles published on Jul 30, 2024

US spot Ethereum ETFs saw $98.3 million in net outflows, extending negative flow streak

Bitcoin Miners Recover as Market Stabilizes, Achieving Net Accumulation of 7,000 BTC

Ripple CEO Slams SEC's Hypocrisy Amid U-turn in Binance Case

Citron Founder, Andrew Left, Pleads Not Guilty To Fraud Over Short Seller Calls

BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

Join our free newsletter for daily crypto updates!