TLDR
- A bullish inverse head and shoulders pattern has appeared for PEPE coin, pointing towards a potential 23% leap towards $0.000012 in its price.
- While whale activity over the last 30 days saw a remarkable 103.64% boost in accumulation, the past week's trend took a downturn of 45.77%, reflecting varying sentiments from large investors.
- Network activity indicators reveal diminishing involvement, with new addresses shrinking by 31.72% and active addresses seeing a significant 50.72% drop.
- The meme coin recently faced a setback, losing all gains it achieved in November 2024, with spot outflows exceeding $7 million.
- With a market capitalization exceeding $3.7 million, PEPE remains one of the larger meme coins even amidst recent adversities.
PEPE coin has formed a The price charts show a distinct inverse head and shoulders formation. This pattern is recognized as a bullish reversal signal, suggesting a potential 23% increase to $0.000012, amidst mixed market signals faced by the token.
The pattern illustrates growing buying momentum through ascending lows at the shoulders, while the head hits the pattern's lowest point. A successful rebound above the $0.00001 neckline has reinforced the bullish setup, paving a clear path for price movement. Recent price movements have put PEPE at critical support and resistance levels that are pivotal for its next direction. The immediate resistance lies at $0.000012, reflecting past trading sessions where selling pressure was evident.
The current support zone holds at $0.000008, indicating a region where strong buying interest has been observed previously. An intermediate support at $0.0000095 may provide a cushion if prices pull back before retesting lower levels.
Fluctuations in large PEPE holder activity show the 7-day whale accumulation trend has decreased by 45.77%, reflecting a short-term pullback in buying from key investors.
Data from market intelligence platform IntoTheBlock reveals Interestingly, at the 30-day level, there's a 103.64% increase in accumulation, indicating more significant buying activity in the previous month. This temporal contrast complicates understanding large holder behaviors and their influence on price dynamics.
The longer 90-day trend is more alarming with a 155.09% reduction, hinting at a persistent decrease in long-term positions by major holders. While recent short-term accumulation is up, long-standing whale positions are waning.
A general decline in network participation is evident across several metrics. Over the last 7 days, the metric for new addresses fell by 31.72%, indicating a decline in new investors stepping into the market during this stretch.
Active addresses experienced a sharper decline of 50.72%, pointing to decreased transaction activity within the network. This drop in engagement may affect overall liquidity and demand for the token.
The metric for zero balance addresses dropped by 63.73%, reflecting diminished wallet movement and lower selling pressure market-wide. This measure aids in assessing both market activity and potential price pressures.
In a significant retreat, the token relinquished all profits made during November 2024, as spot flows observed over $7 million in outflows. Meanwhile, the derivatives space managed a mere 1.33% gain in open interest after an oversold episode.
PEPE coin Surpassing a market cap of $3.7 million, the coin holds a prominent place among meme coins, suggesting it remains relevant despite any slump in demand in this category.
Other notable meme coins, like Dogecoin and Shiba Inu, also faced hurdles in gaining upward traction. This trend accompanies a rising interest in newer meme coin ventures, such as TST’s recent debut on Binance. PEPE Market analysts observe a new narrative indicating that liquidity might be migrating toward alternative coins with real-world value propositions, casting doubt on the lasting viability of meme coins.
In the derivatives arena, the interest is tepid, showing only modest gains in open interest despite prior overselling conditions. This subdued reaction among derivatives traders signals caution regarding further price advances.
Maisie is a seasoned journalist in the Crypto & Financial news domains, with contributions to Moneycheck.com, level-up-casino-app.com, Computing.net, and currently leads as Editor in Chief at Blockfresh.com.
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