Pepe Coin Price Analysis: Traders Eye 18% Gains as Daily Profit Ratio Soars

Pepe Coin Price Analysis: Traders Eye 18% Gains as Daily Profit Ratio Surges

Over the past seven days, Pepe Coin's price has experienced an upswing, reaching the cusp of a potential breakout. The direction of this breakout hinges on various market factors. Notably, whales are currently observing from the sidelines while traders prepare to drive the market upwards. Within the last 24 hours, PEPE's value has risen by 3.3%, reaching $0.00000812.

Holders Reap Profits from Pepe Coin Price Increase

An analysis of daily transactions involving PEPE indicates a surge in the profit-to-loss ratio on Santiment. This ratio has climbed to 3.10, its highest point month-over-month this year. This suggests that for every PEPE transaction that resulted in a loss today, 3.10 transactions have yielded a profit. This signals that PEPE traders have realized greater profits than incurred losses.

Moreover, there has been an increase in the total number of PEPE tokens in profit. However, data from IntoTheBlock reveals that approximately 31.85% of PEPE holders remain "out of the money." This term applies when the current price is below an address's average entry price.

Whale Activity Declines, Futures Traders Step Up

Santiment data shows a decline in whale activity between August 20th and 23rd, indicating that large holders are taking a passive stance. The large holder netflow metric on ITB reinforces this observation, as it entered the negative zone on August 23rd. This suggests that whales are either offloading their holdings or strategically repositioning.

Meanwhile, futures traders are stepping into the void. Data from Coinalyze reveals a 7.84% increase in open interest (OI) alongside the 3.3% price rise in Pepe Coin. This suggests that traders are initiating Long positions, which raises the possibility of an upward breakout from the current consolidation.

Pepe Coin Price Analysis: Traders Anticipate 18% Gains

Pepe Coin's price has formed a symmetrical triangle pattern, also known as a consolidation or continuation pattern. This pattern typically arises after a sharp downtrend, indicating uncertainty in the market as buyers and sellers balance out. The formation suggests that a breakout is imminent, with the price gradually constricting towards the triangle's apex.

Given the current neutral-to-bullish sentiment, PEPE's price has a higher probability of breaking upwards. Resistance is likely to be encountered around 0.00000959. A breakout above this level would signal a bullish trend, with additional resistance at 0.00001000 and 0.00001200.

The Chaikin Money Flow (CMF) indicator suggests a modest inflow of capital into the market, while the Coppock Curve shows a buy signal following a significant downtrend. These indicators support a potential bullish breakout.

If the daily candle closes above 0.00001000 with increased trading volume, this would confirm the breakout and potentially establish a long-term bullish trend. Targets for such a trend could include 0.00001200 and beyond.

Conclusion

Pepe Coin's price is poised for a potential breakout. Traders are eyeing an 18% gain, supported by bullish indicators and an increase in Long positions by futures traders. However, a bearish scenario could arise if the price breaks below the lower boundary of the triangle pattern around 0.00000807. Such a breakdown would invalidate the bullish thesis and could lead to a drop towards 0.00000700.