👉Pepe Drops Below Rising Trendline

Sunday's Pepe price breach below the rising trendline suggests a bearish move.

On-chain data shows PEPE's active addresses falling, indicating lesser network demand.

A daily candlestick above $0.0000124 would disprove bearishness.

Pepe (PEPE) broke the rising trendline on Sunday, indicating a bearish break. A drop in PEPE active addresses on-chain suggests less network demand and a 20% price drop for the frog-themed meme currency.

Pepe drops below rising trendline
Sunday's Pepe price falls below the upward trendline. See the daily chart below for the trendline linking many swing low levels between mid-April and mid-June.


Should this trendline hold as pullback resistance, it might fall 20% from the breakthrough to $0.0000903. This is the 61.8% Fibonacci retracement level from April 13's $0.0000393 swing low to May 27's $0.0000172 swing high.

On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) are below their mean values of 50 and zero, supporting this bearish view. This predicts ongoing bear momentum, which might lower the frog-themed meme currency.

PEPE might go below $0.0000903 and drop 35% to revisit its May 1 low of $0.0000592 if the crypto market outlook is bearish.

On-chain data also predicts PEPE price decline. IntoTheBlock's In/Out of the Money Map (IOMAP) shows 3,040 addresses purchased 24.60 trillion PEPE tokens for $0.0000110. If the price increases to this level, many investors may sell to breakeven.

Technical analysis shows that the $0.0000110 resistance level matches IOMAP results, making it a key reversal point.

Continuing a downturn from May, PEPE's Daily Active Addresses have decreased 24% in the previous week. This reduction suggests PEPE's network is losing demand, which might collapse frog-theme-based meme currency.

PEPE's daily candlestick price closing above $0.0000125, the June 16 high, would imply a market break. This would undermine the bearish argument and perhaps ignite a 22% rebound to $0.0000152 from the June 6 daily high.

#PEPE $PEPE