PEPE appears to be preparing for a potential rally after a week of consolidation on the charts. Here's what's coming next for the memecoin...
Metrics suggested a potential rally may be in the offing soonappears to be preparing for a potential rally after a week of consolidation on the charts. The memecoin, at press time, was accumulating bullish momentum, with the ascending trendline support potentially setting the stage for an upward rally.
PEPE broke out of a bullish flag pattern at the $0.001119 level, a point of confluence between a trendline and a key support. This breakout was followed by a price consolidation phase while obeying a key support level.Source: PEPE/USDT, TradingViewAMBCrypto’s analysis of data from Coinglass revealed that 79% of PEPE holders were in profit at the press time price level.
To be precise, 78.79% of all its holders among the 218.72K addresses seemed to be in the money. This high percentage of trade positions in profits could encourage holders to maintain their positions, potentially reducing selling pressure.To add to the aforementioned, the concentration of PEPE among large holders stood at 72%, according to IntoTheBlock. This significant accumulation by whales suggests confidence in the memecoin. By extension, this could provide stability to its price action.
This net positive flow of capital into PEPE could be fueling the current consolidation and might do so for the subsequent rally too.recently broke out from a bullish flag, affirmed by solid holder profitability and inflows. 72% concentration among large holders adds stability to the memecoin, potentially fueling a rally. All of these positives indicate an upward rally will be on PEPE’s horizon soon.
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