Pepe, who created the myth of the currency circle, is about to wake up;
PEPE's upcoming rebound, are you confident in memecoin?
After a week of chart consolidation, PEPE seems to be preparing for a potential rebound. Memecoin is accumulating bullish momentum, and the rising trendline support may lay the foundation for the rise.
PEPE broke through the bullish flag pattern at $0.001119, which is the intersection of the trendline and the key support level. After this breakthrough, the price entered a consolidation phase while following the key support level. Sufficient bullish momentum can help PEPE rebound to the high resistance zone.
Analysis of Coinglass data shows that 79% of PEPE holders are in profit. To be precise, 78.79% of holders out of 218.72K addresses appear to be in profit. Such a high proportion of profitable trading positions may encourage holders to maintain their positions, thereby potentially alleviating selling pressure.
In addition to the above, according to IntoTheBlock, PEPE has a concentration of 72% among large holders. The large accumulation of whales indicates confidence in the memecoin. In the long run, this can provide stability to its price action.
In addition, recent PEPE inflow and outflow statistics show a mixed but generally positive trend. Although memecoin has had some outflows, inflows have dominated in the past 24 hours. Net capital inflows into PEPE may exacerbate the current consolidation and may also play a role in the subsequent rebound.
PEPE recently broke out of a bullish flag, which is confirmed by the solid profitability of holders and capital inflows. 72% large holder concentration increases the stability of memecoin and has the potential to drive a rebound. All these positive factors suggest that PEPE will soon usher in an uptrend. If the support level holds and momentum increases, it may test higher resistance levels in the coming days.
