The meme coin PEPE captured the spotlight during May and June in the cryptocurrency market, but its sharp decline thereafter has kept it under scrutiny. Investors remain hopeful despite the downturn, expecting a potential reversal in fortunes. So, what is the current scenario surrounding PEPE coin in the market?
How Much is PEPE Coin Worth?
The steep fall in PEPE’s value has also affected its profitable supply. Global investors who put their money into PEPE have seen the total profit supply plummet to 72%, a low point not observed since early August and February 2024, just before BTC reached its all-time high. This six-month low profitability signifies swift and notable losses for investors.
In the past two weeks, PEPE’s price has experienced significant losses, dropping from $0.00001000 to $0.000007326. According to the Global In/Out of the Money (GIOM) indicator, around 123 trillion PEPE entered into loss during this period.
At the current price, the value of the affected supply stands at approximately $880 million. Investors created the largest supply by purchasing 95.7 trillion PEPE between $0.00000900 and $0.00001000. Although this supply is moving away from profitability, investors might focus on this region to potentially drive the price up again.
What Will Be the Price of PEPE Coin?
PEPE’s price is currently trapped within a descending wedge after failing to break out in late July. Following multiple tests of the lower trend line, the meme coin found buyers at $0.000007326.
A descending wedge is typically viewed as a bullish pattern, so a breakout above the upper trend line could trigger an 80% rally. This uptrend might push PEPE’s price above the year’s high of $0.00001725.
Key Insights for Investors
– Investors might see an opportunity to buy PEPE as it approaches the lower trend line.
– A breakout above the upper trend line could signal a significant rally.
– Close attention should be paid to market cues, as failure to break out might result in further declines.
However, if the anticipated breakout does not materialize and a decline ensues, PEPE’s price could fall back to the lower trend line. Consequently, the meme coin might drop to the $0.00000633 support level, and then to $0.00000474, invalidating the bullish outlook.