PEPE’s upcoming rally – Are you right to be confident in the memecoin?
PEPE appears 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.
Enough of the stated bullish momentum can help PEPE rally to high resistance zones.
Source: PEPE/USDT, TradingView
What tale do the metrics tell?
AMBCrypto’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.
Source: IntoTheBlock
Large holders maintain their strong grip
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.
Source: IntoTheBlock
Additionally, the recent statistics on the inflow and outflow of PEPE indicated a mixed, but generally positive trend. Despite the memecoin having some outflows, inflows have dominated over the last 24 hours.
This net positive flow of capital into PEPE could be fueling the current consolidation and might do so for the subsequent rally too.
Source: Coinglass
What next for PEPE?
PEPE 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.
If the support holds and momentum builds, it could test higher resistance levels in the coming days.
