By September 2024, the PEPE token meme could grow by 80%
According to technical indicators, PEPE is currently preparing to rally after a week of consolidation.
The memcoin recently broke a bullish flanking pattern at $0.00001119. This is the critical point where the trendline and key support intersect. This breakout was followed by a consolidation phase, while the asset managed to maintain its support levels.
PEPE is also exhibiting a classic bullish IH&S reversal pattern, which often precedes a rise in an asset's price after a breakout above a resistance line. As of late July, the memcoin forms the right shoulder of this pattern, with a key resistance level at $0.00001320.
A break above this level could see PEPE rise 80% to $0.00002241 as early as the end of the third quarter of 2024.
PEPE's performance in 2024 has been impressive, with average daily trading volume exceeding $700 million, putting memcoin in second place behind DOGE. The number of holders of the frog-shaped mock coin has grown by 70% this year. According to the latest data from CoinGlass, about 79% of the 218,720 addresses of PEPE holders are making a profit. And according to IntoTheBlock, 72% of the total memcoin supply is owned by large investors.
All these indicators show the strong confidence of crypto market participants in memcoin. This adds stability to its exchange rate and could potentially affect the further growth of the joke token.
