The frog-themed memecoin project, Pepe, has been consolidating within a specific price range recently. Analysis of the daily chart reveals that PEPE has been trading within a horizontal channel since July 15. This pattern indicates a balance between buying and selling pressures, preventing a strong directional trend.
What Is Happening with PEPE?
In this horizontal channel, the price encounters resistance at $0.000012 and finds support at $0.000011. On-chain data shows a significant drop in demand for PEPE, with a 41% decrease in daily active addresses and a 43% decline in new addresses over the past week.
Moreover, large PEPE holders, known as whales, have reduced their exposure, evident from the decrease in large transactions. Transactions exceeding $100,000 have dropped by 51% over the past seven days, reflecting cautious sentiment among significant investors.
PEPE Chart Analysis
PEPE could potentially break its $0.000012 resistance level if the market’s current bullish trend continues, as indicated by the SAR (Stop and Reverse) indicator. The SAR points below PEPE’s price suggest a likely upward movement, prompting investors to hold or buy the asset.
If PEPE surpasses this resistance, its next target might be $0.000013. However, should the bulls fail to sustain the support level, the memecoin may drop to $0.0000098.
Key Inferences for Investors
– Monitor the $0.000012 resistance level for potential breakout opportunities.
– The SAR indicator signals a potential bullish trend.
– Be aware of the significant drop in large transactions, indicating reduced whale activity.
– Evaluate the support level at $0.000011 closely to anticipate possible declines.
Overall, PEPE’s price movement within the horizontal channel reflects a delicate balance in the market. Investors should keep an eye on critical resistance and support levels to gauge future trends effectively.