PEPE Price Nears Critical Level, But Other Factors Are Key

Pepe (PEPE) Price Analysis: Key Insights

Pepe (PEPE), like other cryptocurrencies, faces market volatility. On-chain data offers valuable insights into its price behavior.

Current Price and Support

As of writing, PEPE trades at $0.000011, having nearly dipped below $0.000010. Its future trend depends on whether it falls below this level or bullish sentiment prevails.

Holders' Impact

The Global In and Out of Money (GIOM) indicator reveals a crucial juncture for PEPE. It shows that:

• 18,730 addresses hold 31.60 trillion tokens bought at $0.000010 (currently profitable)
• 13,340 addresses accumulated 37.07 trillion tokens at $0.0000013 (currently out of the money)

If profitable holders maintain their positions, they could support PEPE's price and prevent a drop below $0.000010.

Major Sale and Sentiment

A recent major sale of 11.4 billion PEPE may have contributed to its inability to recover. However, the increasing number of active network addresses suggests a buy signal.

Price DAA Divergence

The Price DAA Divergence indicator shows increasing active addresses on the network. This suggests a favorable buy opportunity before a potential rally.

Double Bottom Formation

The daily PEPE/USD chart hints at a possible double bottom pattern, indicating a trend reversal. However, confirmation requires a price drop to $0.0000096 with strong buying pressure.

Relative Strength Index (RSI)

The RSI remains below 50, indicating bearish momentum. PEPE may decline further towards $0.000096, but a rebound to $0.000014 is still possible.

Market Volatility

Market volatility remains high. A drop in Bitcoin's (BTC) price below June 17 levels could push PEPE as low as $0.0000079.

Traders should monitor the market closely and adjust their strategies accordingly.