PEPE Price Tries to Resume Uptrend, $350 Million Profit Awaits

This week, PEPE’s price performance was less eye-catching than other altcoins; however, it managed to turn $0.00001000 into support again. Investors’ expectations are high for the meme coin as it is approaching a key support level that could bring handsome profits.

While PEPE price has not seen a significant increase in the past few days, it is currently struggling to turn a key resistance line into support, which could drive the price to $0.00001400, leading to huge profits.

According to the Global Fund Inflow/Outflow (GIOM) indicator, about 28.47 trillion PEPE worth more than $350 million was purchased between $0.00001200 and $0.00001400. Once PEPE closes above this price, these supplies will become profitable and become the next resistance level for the meme coin.

However, PEPE faces challenges with investor support, which can be seen from the market value to realized value (MVRV) ratio. The current 30-day MVRV of PEPE is 18%, indicating profitability and potential selling pressure.

Historically, PEPE usually adjusts when the MVRV is between 14% and 34%, which is known as the danger zone. During this period, investors are more inclined to sell to make a profit or cover losses, which can lead to a price drop, which PEPE may also face.

PEPE is currently trading at $0.00001227, attempting to reverse the three-month ascending trendline back to an uptrend. The decline in early July caused the meme coin to lose this support. However, reclaiming this level could allow it to break through $0.00001400, the next key resistance level.

A successful turn into support would not only make the aforementioned supply profitable, but also open the door for further gains. However, the threat of selling could prevent it from breaking through $0.00001400 and could cause the price to consolidate or fall below the support level of $0.00001146. If the latter is lost, PEPE could return to $0.00001000.

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