PEPE price could see an 80% rally

Based on general market signals, the PEPE price is currently trending downwards, but this trend could change.

Considering the macroeconomic price trend, the famous meme coin could be on the verge of a massive rally.

Potential PEPE gains on the way

The drop in PEPE price caused the multi-million dollar supply to become loss-making. Investors around the world felt the same impact as the total winning supply dropped to 72%.

The last time earnings were this low was in early August, and the last time before that was in February 2024. The six-month low earnings suggest that investors are facing large and rapid losses.

Read more: Pepe: A comprehensive guide to what it is and how it works

One of the biggest losses occurred in the last two weeks, when 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, PEPE lost about $123 trillion in profits during this period.

At the current price, this supply is worth almost $880 million. Between $0.00000900 and $0.00001000, investors bought the largest amount, surpassing 95.7 trillion PEPE. However, there is a chance that this entire supply could become profitable again.

PEPE Price Prediction: Breakout

PEPE’s price iis stuck in a descending wedge after failing to break through in the second half of July. The meme coin is testing the pattern’s lower trendline and is trading at $0.00000718.

Since the descending wedge is a bullish pattern, a breakout above the upper trendline will indicate an impending rally of almost 80%. This uptrend sets the potential target at $0.00001725, the current yearly high.

Read more: Pepe (PEPE) Price Prediction 2024/2025/2030

However, gains would increase if the pattern fails and the PEPE price falls through the lower trendline. As a result, the meme coin could fall through the $0.00000633 support and drop to $0.00000474. This would completely invalidate the bullish thesis.