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PEPE price is currently noting bearishness owing to the broader market cues, but this could turn around.
Considering the macro price action, the famed meme coin could be poised for a massive rally.
Potential PEPE Profits Incoming
PEPE price’s decline led to millions of dollars worth of supply becoming loss-bearing. Investors across the globe felt the same impact, as the overall profit supply fell to 72%.
The last time profits were this low was earlier in the month of August, and the last time before this was February 2024. The six-month low profits suggest the investors are losing largely and quickly.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
One of the largest bouts of losses occurred in the last two weeks, as the PEPE price fell from $0.00001000 to $0.00000718 at the time of writing. According to the Global In/Out of the Money (GIOM) indicator, about 123 trillion PEPE lost profits in this duration.
At the current price, this supply is worth close to $880 million. Between $0.00000900 and $0.00001000, investors bought the largest amount of supply, crossing over 95.7 trillion PEPE. However, there is a shot that all of this supply could become profitable again.
PEPE Price Prediction: Breaking Out
PEPE’s price is stuck in a descending wedge after failing to break through in the latter half of July. Testing the lower trend line of the pattern, the meme coin is trading at $0.00000718.
Given that the descending wedge is a bullish pattern, a breakout above the upper trend line suggests a nearly 80% rally ahead. This uptrend places the potential target at $0.00001725, which is the current year-to-date high.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
However, profits would increase if the pattern fails and the PEPE price falls through the lower trend line. As a result, the meme coin could drop through the support of $0.00000633, falling to $0.00000474. This would invalidate the bullish thesis entirely.