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.

PEPE Token | Etherscan

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.