$PEPE Price Teeters on the Edge: Will It Crash 18% or Soar 22%?
Pepe (PEPE) price is retesting its ascending trendline support, and a daily close below this level could confirm a downtrend. On-chain data indicates a decrease in PEPE's active addresses, signaling lower demand for the network. If the price closes above $0.0000124, it would invalidate the bearish thesis. Technical analysis and on-chain data suggest a potential decline in PEPE's price. If the price breaks below the trendline, it could drop by 18% to $0.0000903, with a further possible decline to $0.0000592.
(PEPE) cryptocurrency is at a critical juncture as it tests its ascending trendline support. A daily close below this support level could trigger a significant downtrend. On-chain data reveals a reduction in active addresses for PEPE, indicating waning demand for the network. Santiment's Daily Active Addresses index has shown a 25% drop over the last ten days, pointing to decreased network activity and potential price decline.
Technical indicators also support this bearish outlook. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) are both below their respective mean levels, suggesting continued bearish momentum. If PEPE's price falls below the trendline, it could drop by 18% to the $0.0000903 level, based on the 61.8% Fibonacci retracement from previous swings. A further drop could see the price retesting the $0.0000592 level.
However, if the price manages to close above $0.0000125, it would invalidate the bearish scenario, potentially leading to a 22% rally to the next resistance level at $0.0000152. This could be a significant reversal point for PEPE investors.
In conclusion, as PEPE tests crucial support levels, investors should closely monitor both technical indicators and on-chain data. With decreasing demand and bearish technical signals, caution is advised during this critical period.