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$PEPE struggles to continue the bull run despite opposition from a supply zone. Will the uptrend in $PEPE continue, with the unique holders count crossing 264,000?
With a combined market cap of $48.024B, the meme coin market has fallen 7.72% in the last 24 hours. Amid the downtrend registered by meme coins, the third-biggest meme-based cryptocurrency, $PEPE, registered a 5% drop within 48 hours.
Maintaining a lateral trend in the daily chart while respecting a crucial support level, $PEPE teases a potential comeback with the broader market push. Further, in the bigger picture, $PEPE eyes a breakout run for a new all-time high.
$PEPE Uptrend Halts Midway with Bulls Close to Exhaustion
With a long-coming support trendline in the daily chart, the $PEPE token maintains an overall bullish trend in 2024. The meme coin shows a year-to-date growth of 839% while trading at a discount of 30% from the all-time high at $0.00001718.
However, the recent upcycle from the 200D EMA and the support trendline face opposition from a supply zone at $0.000013 as the underlying demand at the $0.0000113 support level shifts the price trend laterally.
On a side note, $PEPE price action teases a potential head and shoulder pattern with the overhead supply zone as the neckline.
Currently, the $PEPE meme coin trades at $0.00001188 with an intraday drop of 2.64%. However, the lower price rejection in the intraday candle teases a bull cycle ahead.
Pennant In The 4H Chart Teases Bullish Trend
The lower price rejection in the intraday candle comes out as a morning star pattern in the 4H chart. The sideways shift forms a triangle pattern with a previous uptrend to complete a bullish pennant pattern.
$PEPE HODLers Grows with Numbers Surpassing 264,000
Meanwhile, per Etherscan, the number of $PEPE HODLers has recently surpassed the 264,000 mark and is currently at 264,032. With the rising number of holders, the demand for the frog-themed meme coin is clearly rising.
However, the number of whales will be the determining factor for any significant price jumps in $PEPE.
Will $PEPE Leap Forward with a Breakout Run?
With a potential bull cycle in the pennant in the 4H chart, $PEPE is likely to surge in the coming hours. Thus, with increased upcycle chances, the breakout run will unleash $PEPE to new heights.
According to the Fibonacci levels, the meme coin could surge to $0.00001846 or the 161.80% Fib level.