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PEPE price continues to struggle to overcome a significant resistance level while lagging behind most other altcoin projects. This process raises concerns as any potential increase could lead to immediate selling. Trading at $0.00001205, PEPE’s price is consolidated below $0.00001369.
What Is Happening with PEPE?
This level is crucial because reaching it could lead to significant gains for investors. According to the Global In/Out of the Money (GIOM) indicator, approximately 56.48 trillion PEPE are on the verge of becoming profitable. This supply was purchased by investors between $0.00001100 and $0.00001300 and is approaching absolute profitability. When the memecoin reaches the upper boundary of the consolidation zone, it will provide gains to PEPE holders worth around $628 million.
Despite being potentially positive, it does not necessarily indicate a bullish trend for memecoin investors. Especially if broader market trends remain bearish, they are likely to sell their assets to secure gains and avoid losses. This outcome is further confirmed by the Market Value to Realized Value (MVRV) ratio, which evaluates investor profit and loss.
Currently, PEPE’s 30-day MVRV data is recorded at 15%, indicating profitability and potential selling pressure. Historically, PEPE tends to correct when the MVRV is between 18% and 48%, often referred to as the danger zone. Therefore, when profits rise, the memecoin could be in this danger zone, and the next move might be downward.
PEPE Chart Analysis
Trading at $0.00001205, PEPE price seems likely to continue consolidating until broader market cues turn bullish. The reason behind this is the aforementioned threat of selling, as profit-taking could occur before breaking the $0.00001369 resistance.
Therefore, not only will the uptrend fail to be reclaimed as support, but the resistance at $0.00001369 will also remain unbroken. However, if selling expectations are exceeded, a drop below $0.00001146 is very likely. This could send PEPE’s price to $0.00001007, invalidating the neutral thesis and increasing losses.
