Pepe Coin Price To Skyrocket To $0.000015? This Pattern Hints At Breakout

Key Insights:

• PEPE coin price is testing a falling wedge resistance near $0.00001050, signaling a possible breakout.
• Whale transactions dropped 75% since May peak, with just 200 large trades daily.
• PEPE open interest dips 5.71% to $470.49M, showing reduced speculative pressure.

Pepe Coin (PEPE) is showing early signs of a possible price reversal despite being in a bearish trend in the last 24 hours. With the price stabilizing around the $0.00000950 level and momentum indicators beginning to shift, many traders are watching for a potential breakout toward $0.000015.

The token has been in a prolonged consolidation phase, but recent on-chain data and market behavior suggest that a breakout may be forming. At press time, PEPE price was down 3% from 24 hour high of $0.000009971, trading at $0.000009460.

Pepe Coin Price Eyes Rally As Falling Wedge Pattern Hints at Breakout

Since late May, PEPE price has been trading inside a falling wedge pattern, which often forms during corrective downtrends. This pattern usually signals a possible bullish reversal when the price breaks above the wedge resistance.

Currently, PEPE price is testing the upper boundary of the wedge around $0.00000950. If the price moves above the resistance zone near $0.00001000–$0.00001050, traders may expect a rally toward $0.00001200 or higher. The breakout target range for the wedge pattern stands between $0.00001200 and $0.00001400.

Massive wallet movement has picked up pace in the past few weeks, though technical momentum is in the transition phase. The Moving Average Convergence Divergence (MACD) is rising and moving out of the negative region which is an indication of a possible bullish crossover. Meanwhile, the Chaikin Money Flow (CMF) is still negative at -0.17, indicating net outflows but with a trend that has already begun flattening out.

Whale Activity and Large Transactions Declining

The peak in whale activity was at the beginning of May when the PEPE reached the price of more than $0.000017 after being at $0.000008 just a couple of days earlier. Meanwhile, huge transactions leaped to almost 800 per day at the time. This was an all time record activity in the recent months and was accompanied with a sharp price spike.

Since that, there has been a substantial decrease in huge transaction deals. In the last seven days, the volume declination was around $326.79 million, and the total daily whale transaction declined to less than 200. This is at the same level as the lows registered in early April indicating that strong buying interest by large holders has not yet resumed.

The drop in the activity of the whale may also be an indicator of caution or a wait-and-watch strategy. However, if the falling wedge breakout occurs, renewed whale interest might follow.

On-Chain Metrics Show Mixed Sentiment

The current profit-to-loss ratio for PEPE has climbed to 2.55, its highest level since early May. According to data from Santiment, this suggests many holders are now in profit and may choose to sell. The last time this ratio spiked, it was followed by a market correction.

Amid this trend, the holder distribution indicates that 26.50% of PEPE coins are in profit at the moment, and 64.72% are not in money yet. As per IntoTheBlock, approximately 8.78% are at break even.

At the same time, wallet growth has been steady since May 2023. The number of wallets holding PEPE has risen to over 400,000, indicating growing adoption despite price volatility. This trend supports a broader user base, which often helps maintain network strength.

Pepe Open Interest Dips

Following the dip below $0.000010 in June, the Pepe price has been stabilizing around the $0.000006-$0.000012 mark. The present support is at about $0.00000900 but stronger support is at about $0.00000800. However, there is resistance at the upper wedge boundary of $0.00001050.

Should price pierce resistance, the pattern may induce an upswing towards the $ 0.00001200- $0.00001400 mark. A long term break above this might challenge the historic high of around $0.000015.

On the derivatives market, trading shrank by 18.42%, to $1.56 billion. There was also a decline in open interest by 5.71% which stands at $470.49 million. This is an indication of a slowdown in speculative activity which is common in unsure times or before a possible move.