Memcoin PEPE May Grow 65% in the Near Future
Pepe, the second most popular token-meme in blockchain Ethereum, reached $0,000015, up from this week’s low of $0,000009850.
The rally in the memecoin comes as whales continue to accumulate Pepe in anticipation of further price growth. According to Nansen, large investors currently hold 8,79 million tokens, up 650 billion from a month ago (July 23).
The top 100 Pepe holders also increased their holdings. They now hold 306,84 trillion tokens, up from 300 trillion last month. This brought the number of memcoins on exchanges to a multi-month low of 253,40 trillion.
This state of affairs indicates that large investors are confident in the prospects of the memecoin, which also has a positive effect on the dynamics of its rate. The price of Pepe will also benefit from the continued growth of the value of Ethereum, which recently reached a new peak.
On the daily time frame, we can see that Pepe price has formed a bullish double bottom pattern at $0,000009850. It is slowly approaching the neckline at $0,00001265. The pattern coincided with the formation of a symmetrical triangle, the two lines of which are approaching the confluence level where most breakouts occur.
Thus, the Memcoin price is likely to make a bullish breakout in the coming days or weeks. The widest part of the symmetrical triangle is about 52%. If we measure this distance from the potential breakout point, the target will be $0,00001890, which is 65% higher than the current level.
