PEPE Consolidates, But Faces Bearish Signs: Future Outlook

Release Date: September 13, 2024

Whale Retreat and Decline in Active Addresses

The price of PEPE [PEPE] has been consolidating recently, and key on-chain data shows potential bearish signs. Large transaction volume has dropped by 26% in the past 24 hours, which is usually a sign of reduced whale activity. At the same time, active addresses have also dropped by 7.43%, suggesting a possible decline in user interest or a change in trading sentiment.

Price Action Analysis

Despite the decline in user and trading activity, the price chart of PEPE shows a symmetrical triangle pattern. This pattern usually forms before a sharp price movement, suggesting that larger price movements may be in the future.

Outlook

As PEPE approaches the apex of the symmetrical triangle, market participants should pay attention to the future trend of the memecoin. The decline in whale activity and the decline in user activity may indicate that the market is going through an accumulation or distribution phase, which will affect the direction of the price breakout.

Conclusion

PEPE's current consolidation state may indicate a future price breakout. The direction of the breakout will depend on overall market sentiment and further developments in the memecoin.