Investors Monitor PEPE Coin Amid Market Fluctuations

Investors Monitor PEPE Coin Amid Market Volatility

PEPE, the meme-inspired cryptocurrency, saw significant fluctuations during the early stages of Q2. Despite its initial bullish momentum, a subsequent decline has sparked investor interest in the coin's response to broader market conditions.

PEPE Coin Price Analysis

PEPE's price decline has impacted its profitability supply, with total profit supply dropping to 72%. This level of profitability was last observed in early August and February 2024, preceding Bitcoin's all-time high.

In the past fortnight, PEPE experienced a significant loss, falling from $0.00001000 to $0.000007326. As per the Global In/Out of the Money indicator, approximately 123 trillion PEPEs became unprofitable during this period.

At its current price, the aforementioned supply is valued at approximately $880 million. Investors created the largest supply by purchasing 95.7 trillion PEPEs between $0.00000900 and $0.00001000. This supply may serve as a potential target for investors seeking to drive the price upwards.

PEPE Coin Price Outlook

PEPE's price has entered a descending wedge pattern after failing to break out in late July. After testing the lower trend line several times, buyers emerged at $0.000007326.

Descending wedges are often considered bullish formations, and a breakout above the upper trend line could trigger an 80% rally. This potential uptrend could elevate PEPE's price above its yearly high of $0.00001725.

Conversely, a decline below the lower trend line could push PEPE's price back to $0.00000633 and potentially down to $0.00000474, invalidating the bullish thesis.