PEPE is on the line of life and death: Price swings, bearish signals are dense, can it reverse the trend?

The price of Pepe (PEPE) has been in a bearish trend over the past 24 hours, swinging between intraday highs and lows of $0.00001176 and $0.00001041. Despite initial optimism about recovery, the general bearish signs challenge the token's ability to maintain its upward trajectory.

On-chain analysis is also consistent with the bearish sentiment towards PEPE. According to the Santiment Daily Active Address Index, which reflects network activity, the index has been declining. Daily active addresses have fallen 24% in the past seven days, a trend that began in late May.

The decline in network activity indicates that people in the broader crypto community are less active and interested in a given token. This is very worrying because it indicates that there are few new entrants and usage is declining - an important aspect to maintain prices and promote recovery.

This level has proven to be a battleground between bears and bulls, and its sustainability is crucial to PEPE's short-term trend. If this support level holds, it could set the stage for PEPE to recover recent losses, with targets at $0.000013 and $0.000014.

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On the contrary, a break below this support level could lead to a sharp sell-off. The next key support level is around $0.00000870, and failure to maintain the current support level could lead to a rapid fall to this lower limit. On the upside, PEPE needs to break through the $0.0000110 and $0.0000125 resistance levels to signal a potential reversal and trigger a rebound.

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