PEPE Holds Sideways Trend Amid Falling Demand in Meme Coins
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The frog-themed meme coin PEPE has been consolidating within a price range since July 15. This horizontal channel formation occurs due to a balance in buying and selling pressures, creating resistance at $0.000012 and support at $0.000011.
On-chain data shows a 41% drop in daily active addresses and a 43% decline in new addresses created to trade PEPE in the past seven days. Additionally, whales have reduced their exposure, and the number of large transactions involving PEPE has fallen by 51%.
Despite the falling demand, PEPE might break through its resistance level of $0.000012, influenced by the bullish sentiment indicated by its Parabolic SAR indicator. If successful, the next price target will be $0.000013. However, if bulls fail to defend support, PEPE's price could drop to $0.0000098.
Source: beincrypto.com ↗
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