The supply on exchanges jumped higher in the past month and it seems more holders are likely preparing to sell PEPE.
PEPE has a bearish market structure.
A drop below the nearby support level could see prices recede 18%-40% in the coming weeks.
Pepe
[PEPE] fell 35% from the 11th of January to the 24th. Its bearish
market structure has been in place since the 3rd of January. At press
time, it was trading at a support zone that PEPE bulls have defended
since November 2023.

A drop below this zone would likely see the
meme coin retrace all the gains it made in the second half of October
2023. An on-chain metric suggested that holders were gearing up to sell
the token, which could see prices crater.
The momentum has been bearish over the past month
The
RSI of PEPE on the one-day chart fell below the neutral 50 mark on 2nd
January. It has stayed below it since then, apart from a brief foray
beyond on the 11th of January.The OBV has also slid lower in the past
two weeks, but it has been in an uptrend over the past three months.

The
market structure on the one-day chart was bearish. A move above
$0.0000012 would be needed to flip the structure bullishly. The demand
zone (cyan box) saw PEPE rally swiftly back in November.Hence, it is
expected that the buyers would be keen to re-enter the markets. However,
a daily session close below the $0.000001 support would be an early
sign of impending losses.
The weighted sentiment saw a brief spark
but to no avail.AMBCrypto analyzed data from Santiment to understand
better how PEPE was faring. The active addresses metric has trended
steadily downward in January.

The supply on exchanges has also
jumped higher in the past month. Together they showed a lack of demand
for PEPE and the possibility of another wave of selling. Realistic or
not, here’s PEPE’s market cap in BTC’s terms

#satscoin #BTC #CHZ #etf #ETH