As a seasoned crypto investor with a knack for spotting trends and patterns, I must say the current state of Pepe Coin is intriguing. The surge in price over the last 7 days has been a rollercoaster ride, but the potential breakout pattern at hand has me on the edge of my seat.
Pepe Coin price witnessed a surge in price over the last 7 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 3.3% in the last 24 hours to trade at $0.00000812.
Holders Record Profits on Pepe Coin Price Rise
An analysis of the PEPE daily transaction volume in profit to loss on Santiment shows that the ratio increased to 3.10, its highest level month-on-month (MoM) this year.
In simpler terms, it can be said that for each Pepe transaction ending in a loss today, there were approximately 3 times as many transactions resulting in a profit. This suggests that Pepe traders have experienced more successful trades with profits over those resulting in losses.
Furthermore, the accumulated PEPE tokens with profitable returns saw an increase, yet a significant 31.85% of PEPE investors still find themselves in a negative position, as per data from IntoTheBlock. This means that an investor is “underwater” when the current value falls below their initial purchase price.
Additionally, data from Santiment indicates a decrease in whale activity from August 20th to August 23rd, implying that major investors might be choosing to remain on the sidelines. Furthermore, the large holder netflow metric on ITB corroborates this analysis, as it dipped into negative territory on August 23rd. This suggests that whales are either selling off their holdings or strategically rearranging them.
In simpler terms, more futures traders are becoming active, as data from Coinalyze indicates a 7.84% surge in open interest and a 3.3% rise in Pepe Coin’s price. This could be a sign that these traders are choosing to go Long, potentially pushing Pepe Coin towards an upward breakout from its current period of stabilization.
Pepe Coin Price Analysis: PEPE Traders Locked on 18% Gains
The current trend for Pepe Coin prices appears to be forming a symmetrical triangle pattern, which is often referred to as a consolidation or continuation pattern. After a significant drop, this kind of pattern suggests uncertainty in the market as buyers and sellers reach a balance. This pattern typically indicates an upcoming breakout, with the price becoming tighter at the top of the triangle, much like a spring about to uncoil.
Given the current sentiment among traders, who lean more towards bullishness, there’s a slightly increased likelihood that the price of PEPE will surge, potentially encountering resistance near 0.00000959. If it manages to breach this level, it would be considered a bullish sign, and further resistance could appear around 0.00001000. Beyond that, potential resistance lies at approximately 0.00001200.
In simpler terms, the Chaikin Money Flow suggests a small increase in funds flowing into the market, while the Coppock Curve gives a sign to buy following a prolonged downturn. This could hint at an upcoming optimistic surge or breakthrough in prices.
If the daily candle finishes above 0.00001000 with a rise in trading activity, it could signal a breakout for a longer-term upward trend, potentially aiming towards around 0.00001200 and beyond, given the bullish market indicators.
If bears gain control, the price of Pepe Coin might quickly find a support at approximately 0.00000807, which is the lower limit of the triangle pattern. A drop below this point could indicate a bearish trend towards 0.00000700, potentially disproving the bullish outlook.
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2024-08-23 09:56