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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.
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. Access NEWSLINKER to get the latest technology news.
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.