The 4-hour PEPE price chart has formed an uptrend, suggesting that the meme coin’s price may be ready to make a new high. At press time, the PEPE price is $0.000021, 17% below the all-time high reached on November 14.
As a result, 1% of token holders are in the red zone, while 7% are at the break-even point. This on-chain analysis reveals how PEPE price action could return all of these holders to profits.
Pepe’s technical model means recovery
Analysis of the 4-hour time frame shows that the PEPE price chart has formed a bullish flag. A bull flag is a continuation trend indicating that the price of a cryptocurrency is likely to resume its upward trend after a brief consolidation.
The pattern consists of the “flag pole”, which represents the period of price increase. It is then followed by the “flag”, indicating the consolidation phase, and the breakout, which occurs after the price exceeds the resistance line.
As seen below, The PEPE price is on point to move out of the $0.000021 region. Once validated, this bull flag formation could lead to a notable rise above the all-time high of $0.000025.
This prediction also aligns with the Global In/Out of Money (GIOM) position. The Global GIOM indicator brings together all wallet addresses in clusters based on the price ranges at which they previously acquired their holdings.
Larger clusters indicate stronger support or resistance levels at these price levels, as they represent areas in which many investors are positioned. According to IntoTheBlock, only 3,940 addresses hold 2.76 trillion tokens and the accumulated amounts around $0.000023 are out of the money.
Considering the weak resistance and strong support, the price of PEPE could increase. In short, the on-chain indicator suggests that the value of the meme coin could reach $0.000041.
PEPE Price Prediction: First target at $0.000032
On the daily PEPE price chart, the the token seems to have followed a move similar to its 250% rise around March. At that point, the frog-themed meme coin came out of a descending channel.
Between September 29 and the first week of November, PEPE traded in a descending channel. Although it has since broken out, the image above shows that the meme coin’s value could climb higher.
If this happens, the value could then increase towards 0.000032, eventually reaching $0.000041. On the other hand, if selling pressure increases, this may not happen. Instead, PEPE could decline less than $0.000015.
Disclaimer
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