Pepe Coin

Pepe

Pepe Coin price has surged over the last seven days, and the asset is approaching the end of a potential breakout pattern. The direction of the breakout will depend on several market factors, but currently, it looks like whales are taking the sidelines and traders are preparing to drive the market up. The price of PEPE is up 2% in the last 24 hours to trade at $0.00000813. 
<h2 id="holders-record-profits-on-pepe-coin-price-rise">Holders Record Profits on Pepe Coin Price Rise</h2> 
An analysis of the PEPE daily transaction volume in profit to loss on <a rel="nofollow" href="https://santiment.net/">Santiment </a>shows that the ratio increased to 3.10, its highest level month-on-month (MoM) this year.&nbsp; 
<img decoding="async" class="aligncenter wp-image-213701 size-full" src="https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460.jpg" alt="Pepe (PEPE)" width="1920" height="726" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460.jpg 1920w, https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460-300x113.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460-1224x463.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460-768x290.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460-1536x581.jpg 1536w, https://coingape.com/wp-content/uploads/2024/08/Pepe-PEPE-e1724395094460-150x57.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px"> 
This means that for every PEPE transaction that ended in a loss today, 3.10 transactions have returned a profit. This is an indicator that PEPE traders have recorded more profits than losses incurred. 
Additionally, the total amount of PEPE tokens in profit increased, but despite this, 31.85% of PEPE holders are still “out of the money,” according to <a rel="nofollow" href="https://www.intotheblock.com/">IntoTheBlock</a> data. An address is out of the money if the current price is lower than address’s average entry price. 
<img decoding="async" class="aligncenter size-full wp-image-213703" src="https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap.png" alt="Pepecoin iomap" width="1596" height="478" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap.png 1596w, https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap-300x90.png 300w, https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap-1224x367.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap-768x230.png 768w, https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap-1536x460.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Pepecoin-iomap-150x45.png 150w" sizes="(max-width: 1596px) 100vw, 1596px"> 
Further, Santiment data shows the whale activity reduced between Aug. 20 and Aug. 23, suggesting large holders are taking the sidelines. Large holder netflow metric on ITB also supports this assessment, as it dropped into the negative zone on Aug. 23. This means whales are offloading their bags or strategically repositioning. 
<img decoding="async" class="aligncenter size-full wp-image-213704" src="https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z.png" alt="ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z.png 1200w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z-768x512.png 768w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/08/ITB_pepe_large_holders_netflow_ethereum_2024-08-23T05_11_46.634Z-272x182.png 272w" sizes="(max-width: 1200px) 100vw, 1200px"> 
Futures traders are taking up the mantle, as <a rel="nofollow" href="https://coinalyze.net/">Coinalyze</a> data shows open interest (OI) increased 7.84% while Pepe Coin price also rose 3.3%. This suggests that traders are opening Long positions, and PEPE may breakout to the upside from its current consolidation. 
<h2 id="pepe-coin-price-analysis-pepe-traders-locked-on-18-gains">Pepe Coin Price Analysis: PEPE Traders Locked on 18% Gains</h2> 
Pepe Coin price is in a symmetrical triangle pattern, commonly known as a consolidation or continuation pattern, following a sharp downtrend. This type of pattern indicates indecision in the market, with buyers and sellers reaching equilibrium. The formation suggests that a breakout is imminent, with the price coiling tighter towards the apex of the triangle. 
Since traders are currently neutral to bullish, <a href="https://coingape.com/price/pepe/">PEPE price</a> has a slightly higher chance of breaking to the upside, where it may encounter resistance around 0.00000959. A breakout above this level would be a bullish signal, and further resistance can be expected at around 0.00001000, and beyond that, it is 0.00001200. 
The Chaikin Money Flow (CMF) indicates a slight inflow of capital into the market, while the Coppock Curve shows a buy signal after a significant downtrend. This supports a potential bullish breakout. 
If the daily candle closes above 0.00001000&nbsp; with increased trading volume, it may confirm the breakout for a longer-term bullish trend with targets around 0.00001200&nbsp; and beyond, considering the bullish indicators. 
<figure id="attachment_213705" aria-describedby="caption-attachment-213705" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213705" src="https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart.png" alt="Pepe Coin Price Analysis Chart" width="1815" height="762" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart.png 1815w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart-1224x514.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart-768x322.png 768w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart-1536x645.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Coin-Price-Analysis-Chart-150x63.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
 <figcaption id="caption-attachment-213705" class="wp-caption-text">
 Pepe Coin Price Analysis Chart
 </figcaption>
</figure> 
If bears prevail, Pepe Coin price may find immediate support at the lower boundary of the triangle pattern around 0.00000807. A breakdown below this level could signal a bearish move to 0.00000700, invalidating the bullish thesis. 
The post <a href="https://coingape.com/markets/pepe-coin-price-analysis-traders-eye-18-gains-as-daily-profit-ratio-soars/">Pepe Coin Price Analysis Amid Soaring Daily Profit Ratio</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Coin Price Analysis Amid Soaring Daily Profit Ratio

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