[If history repeats itself, PEPE price aggregate forecast will rise 100%]
Pepe price is consolidating and is in the final stages of what could be a massive rally. This sideways move is similar to what happened between March and May, when prices rose 121% in three weeks.
Pepe price has entered a seven-week consolidation phase, very similar to the one that brought a 121% gain. Integration consists of three stages, namely:
1. Accumulation: Institutional investors accumulate within a narrow range.
2. Manipulation: A price drop attracts short sellers, but a sudden reversal traps short sellers.
3. Consolidation before rising: a large-scale rebound occurs after the manipulation ends, and then consolidates again and triggers an explosive rise.
Currently, Pepe price is at $0.0121 and is in the third stage, which is pre-increase consolidation. The upper limit of the consolidation is the $0.0127 resistance, a breach of which will signal the beginning of the rebound phase. Investors should wait for a close above $0.0133 on the daily chart to turn resistance into support.
If successful, Pepe price could initiate an explosive rally with targets including the 161.8% and 216.8% Fibonacci extension levels at $0.0198 and $0.0254 respectively, which are 55% and 100% above the $0.0127 resistance level respectively.
Supporting this massive rally is IntoTheBlock’s Global Profit and Loss (GIOM) indicator. The metric shows that around 33,300 addresses purchased 55 terabytes of PEPE between $0.0110 and $0.0130, which are currently at the break-even point. As long as these holders break even or make a profit, the Pepe price has a good chance of rising.
On the other hand, if Pepe price breaks below the key support at $0.0107, it will create a lower low and invalidate the bullish argument. This could trigger a 10% drop to $0.00968.
All in all, Pepe price consolidation could be a buying opportunity for investors on the sidelines, but keep an eye on key support levels for changes.
