PEPE price attempts to flip a key resistance level into support, potentially unlocking $350 million in profits for investors.
Points
- PEPE price aims to flip $0.00001000 resistance into support.
- 28.47 trillion PEPE, worth $350 million, could become profitable.
- PEPE’s Market Value to Realized Value （MVRV） ratio indicates potential selling pressure.
- Key resistance at $0.00001400; support at $0.00001146.
The dog-themed cryptocurrency PEPE is making intriguing moves as it attempts to flip a key resistance level into support, potentially unlocking significant profits for investors. Trading at $0.00001227, PEPE is currently striving to reclaim the three-month-old uptrend line it lost at the beginning of July. Successfully flipping this resistance could push PEPE to $0.00001400, translating to massive profits for holders.
According to the Global In/Out of the Money （GIOM） indicator, around 28.47 trillion PEPE, worth more than $350 million, was bought between $0.00001200 and $0.00001400. This supply will become profitable once PEPE closes above this price, also marking the next resistance level for the cryptocurrency.
However, PEPE may face challenges in gathering investor support, as indicated by the Market Value to Realized Value （MVRV） ratio. The MVRV ratio evaluates investor profit and loss. Currently, PEPE’s 30-day MVRV is at 18%, signaling profitability and potential selling pressure. Historically, PEPE tends to correct when the MVRV ranges from 14% to 34%, often referred to as the danger zone. At this point, investors are more prone to selling their holdings to book profits or offset losses, potentially leading to a price drawdown.
While PEPE’s price has not seen a sharp rise in recent days, it is attempting to flip the three-month-old uptrend line back into an uptrend. A drop at the beginning of July caused PEPE to lose this support. Reclaiming it could send the price beyond $0.00001400, the next crucial resistance level. Flipping this resistance into support would not only make the aforementioned supply profitable but also open the door to further price increases.
Nevertheless, resistance from potential selling pressure could prevent PEPE from breaching $0.00001400. This also poses the threat of consolidation under this price or a drop below the support of $0.00001146. Losing this support would invalidate the bullish thesis, potentially sending PEPE back to $0.00001000.
解説
- PEPE aims to flip a key resistance level into support, which could unlock significant profits for investors.
- The GIOM indicator shows that 28.47 trillion PEPE, worth $350 million, was bought between $0.00001200 and $0.00001400.
- The MVRV ratio indicates potential selling pressure, as PEPE tends to correct when the ratio is between 14% and 34%.
- Successfully flipping the $0.00001400 resistance into support could lead to further price increases, while failure to do so may result in consolidation or a drop to $0.00001000.
- Investors should monitor key technical levels and market sentiment to gauge PEPE’s future price movements.