#CryptoMarketMoves #SahmRule #BinanceHODLerBANANA #BinanceBlockchainWeek #PowellAtJacksonHole Pepe Coin price witnessed a surge in price over the last 7 days, and the asset is approaching the end of a potential breakout pattern. The direction of the breakout will depend on several market factors, but currently, it looks like whales are taking the sidelines, and traders are preparing to drive the market up. The price of PEPE is up 3.3% in the last 24 hours to trade at $0.00000812.

Holders Record Profits on Pepe Coin Price Rise

An analysis of the PEPE daily transaction volume in profit to loss on Santiment shows that the ratio increased to 3.10, its highest level month-on-month (MoM) this year. This means that for every PEPE transaction that ended in a loss today, 3.10 transactions have returned a profit. This is an indicator that PEPE traders have recorded more profits than losses incurred.

Additionally, the total amount of PEPE tokens in profit increased, but despite this, 31.85% of PEPE holders are still “out of the money”, according to IntoTheBlock data. An address is out of the money if the current price is lower than the address’s average entry price.Further, Santiment data shows the whale activity reduced between Aug. 20 and Aug. 23, suggesting large holders are taking the sidelines. Large holder netflow metric on ITB also supports this assessment, as it dropped into the negative zone on Aug. 23. This means whales are offloading their bags or strategically repositioning.

Futures traders are taking up the mantle, as Coinalyze data shows open interest (OI) increased 7.84% while Pepe Coin price also rose 3.3%. This suggests that traders are opening Long positions, and PEPE may breakout to the upside from its current consolidation.

Pepe Coin Price Analysis: PEPE Traders Locked on 18% Gains

Pepe Coin price is in a symmetrical triangle pattern, commonly known as a consolidation or continuation pattern, following a sharp downtrend. This type of pattern indicates indecision in the market, with buyers and sellers reaching equilibrium. The formation suggests that a breakout is imminent, with the price coiling tighter towards the apex of the triangle.Since traders are currently neutral to bullish, PEPE price has a slightly higher chance of breaking to the upside, where it may encounter resistance around 0.00000959. A breakout above this level would be a bullish signal, and further resistance can be expected at around 0.00001000, and beyond that, it is 0.00001200.

The Chaikin Money Flow (CMF) indicates a slight inflow of capital into the market, while the Coppock Curve shows a buy signal after a significant downtrend. This supports a potential bullish breakout.If the daily candle closes above 0.00001000  with increased trading volume, it may confirm the breakout for a longer-term bullish trend with targets around 0.00001200  and beyond, considering the bullish indicators.If bears prevail, Pepe Coin price may find immediate support at the lower boundary of the triangle pattern around 0.00000807. A breakdown below this level could signal a bearish move to 0.00000700, invalidating the bullish thesis.