The price of PEPE has been in a consolidation process lately and this continues to test investors. In particular, the price of the Pepe the frog-themed memecoin project has consolidated within a certain price range in recent days. Price movements on the daily chart show the formation of a horizontal channel in which PEPE has been trading since July 15.
A horizontal channel refers to situations where the price of an asset moves within a relatively narrow range over a period of time. It is observed that PEPE finds resistance at $0.000012 as the upper line in this channel and support at $0.000011 as the lower line. According to Onchain data, there appears to be a significant decline in demand for PEPE among market participants.
According to data from IntoTheBlock, there has been a 41% decrease in daily active addresses over the past seven days, and the daily number of new addresses created for memecoin trading transactions has decreased by 43% over the same period. During this period, PEPE whales also reduced their exposure and there was a significant decrease in the number of large transactions. According to data from IntoTheBlock, the number of daily PEPE transactions exceeding $100,000 has decreased by 51% in the last seven days.
PEPE is predicted to break the current resistance level of $0.000012 with the current uptrend in the market. The SAR indicator also supports this bullish trend, as the indicator points are below the PEPE price. The SAR indicator follows the price trends of an asset and can be interpreted as a bullish signal when its points stop below the price.
If PEPE breaks the resistance at $0.000012, its next price target could be $0.000013. However, at the time of writing, the altcoin is trading near support and it is stated that if this level cannot be maintained, the PEPE price may fall to $0.0000098.