Ethereum
PEPE targets new all-time high thanks to growing holder base
PEPE struggles to continue its rise despite opposition from a supply zone. Will the PEPE uptrend continue, with the number of unique holders exceeding 264,000?
With a combined market capitalization of $48.024 billion, coin meme The market has fallen by 7.72% in the last 24 hours. Amid the downward trend recorded by meme coins, the third-largest meme-based cryptocurrency, PEPE, has registered a 5% decline in 48 hours.
By maintaining a sideways trend on the daily chart while respecting a crucial support level, PEPE is teasing a potential comeback with the broader market push. Furthermore, in the broader context, PEPE is eyeing a breakout to a new all-time high.
PEPE Uptrend Halts Midway as Bulls Near Exhaustion
With a long-standing support trendline in the daily chart, the PEPE token maintains an overall bullish trend in 2024. The meme coin is showing a year-to-date growth of 839% while trading at a 30% discount to the all-time high of $0.00001718.
However, the recent bullish cycle 200D EMA and support trendline is facing opposition from a supply zone at $0.000013 as underlying demand at the $0.0000113 support level shifts the price action sideways.
Furthermore, PEPE price action hints at a potential head and shoulders pattern with the overhead supply zone as the neckline.
Currently, the PEPE cryptocurrency is trading at $0.00001188 with an intraday decline of 2.64%. However, the rejection of the lower price in the intraday candle suggests an upcoming bullish cycle.
The pennant on the 4H chart suggests an uptrend
The rejection of the lower price in the intraday candle appears as a morning star pattern in the 4H chart. The sideways move forms a triangle pattern with a previous uptrend to complete a bullish pennant pattern.
Number of PEPE HODLers increases to over 264,000
Meanwhile, by EtherscanThe number of PEPE HODLers recently surpassed the 264,000 mark and currently stands at 264,032. With the number of holders increasing, the demand for the frog-themed meme coin is clearly increasing.
However, the number of whales will be the determining factor in any significant increase in PEPE prices.
Will PEPE take a leap forward with a series of escapes?
With a potential bullish cycle in the 4H chart pennant, PEPE is expected to rise in the coming hours. Thus, with increased chances of a bullish cycle, the breakout will propel PEPE to new highs.
According to the Fibonacci levels, the meme coin could reach $0.00001846 or the 161.80% Fibonacci level.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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