Pepe price has been experiencing consolidation in a certain range lately. This process continues to test traders, especially the $0.000011 support is important to watch.
The price of the frog-themed memecoin project Pepe has consolidated within a certain price range over the past few days. Price movements examined on the daily chart show that Pepe has been trading within a horizontal channel since July 15. A horizontal channel occurs when the price of the asset remains within a certain range for a certain period of time. This channel ensures that the balance between buying and selling pressures prevents the price from trending strongly in either direction.
While Pepe has encountered resistance at $0.000012 since July 15, it has found support at $0.000011. According to Onchain data, there has been a significant decrease in Pepe demand. The last seven days have seen a 41% decrease in daily active addresses, and the daily number of new addresses created for memecoin transactions has decreased by 43% over the same period. Additionally, Pepe whales reduced their exposure, which was reflected in the decline in large transactions.
Pepe could break the $0.000012 resistance if the current bullish trend continues. SAR indicator readings indicate that the uptrend may continue. At the time of writing, the points of this indicator are located below Pepe's price.
The SAR indicator tracks price trends and identifies possible reversal points. If the dots are below the asset's price, it can be interpreted as a possible bullish signal, indicating that investors may consider holding or purchasing the asset.
If Pepe breaks the resistance, his next target could be $0.000013. Considering that it is trading close to the altcoin support, it should be noted that the memecoin price could drop to $0.0000098 if the bulls fail to maintain this level.
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