- PEPE Coin is currently experiencing a downtrend due to broader market signals.
- However, crypto analyst Aaryamann Shrivastava believes this trend might reverse.
- According to Shrivastava, considering the macro price movement, a significant rally is possible for this popular meme coin.
Discover the latest fluctuations in PEPE Coin price and what they could mean for investors in our in-depth analysis.
PEPE Coin: Potential Gains on the Horizon
The recent decline in PEPE Coin’s price has resulted in millions of dollars worth of supply becoming unprofitable. Investors worldwide are feeling the same impact, with the total profit supply dropping to 72%. The last time profits were this low was in early August, and before that, February 2024 marked the previous low point. These six-month lows indicate significant and rapid losses for investors.
Market Analysis and Investor Impact
One of the most significant losses occurred over the past two weeks, with PEPE Coin’s price declining from $0.00001000 to $0.00000718. According to the Global In/Out of the Money (GIOM) indicator, approximately 123 trillion PEPE became unprofitable during this period. At the current price, this supply is valued at nearly $880 million. Investors who purchased around the $0.00000900 to $0.00001000 range accumulated the largest amount of supply, totaling 95.7 trillion PEPE. However, there is still a chance for this supply to become profitable once again.
Price Prediction: Is a Breaking Point Near?
PEPE Coin’s price is currently trapped in a descending wedge after failing to break out in the second half of July. The meme coin is trading at $0.00000718, testing the lower trend line of the formation. Given that a descending wedge is considered a bullish pattern, a breakout above the upper trend line could indicate a potential rally of approximately 80%, aiming for this year’s high of $0.00001725.
Potential Risks and Considerations
However, if the formation fails and PEPE’s price drops below the lower trend line, losses could increase. Consequently, the meme coin might fall to the $0.00000633 support level and potentially further to $0.00000474, invalidating the bullish thesis entirely.
Conclusion
In summary, while PEPE Coin currently faces downward pressure, several indicators suggest the possibility of a substantial rally. Investors should remain vigilant, as the outcome heavily depends on whether PEPE can break out from its current descending wedge pattern or if it succumbs to further declines. Always conduct thorough personal research before making any investment decisions. Stay updated with the latest developments by following us on social media and joining our Telegram and YouTube channels.
