Can PEPE Withstand the Ongoing Bear Pressure This Week?
Pepe ($PEPE ) is under strong bearish pressure, with technical indicators pointing to further declines. Its close correlation with Ethereum (ETH) is contributing to this downturn, with PEPE's price dropping by 0.9% as Ethereum fell by 2.9%.
Despite a 1.44 trillion token decrease in PEPE's exchange reserves, which is usually bullish, its price continued to decline by 4% to $0.00000751. This might be due to investors shifting tokens for arbitrage opportunities.
Decreasing open interest and negative funding rates indicate growing short positions.However, PEPE's adoption remains strong, adding an average of 430 new holders daily.
Technical analysis shows a bearish trend, but a potential double-bottom reversal pattern could lead to a significant rally if support holds around $0.00000680–$0.00000700.
In summary, while PEPE faces bearish challenges, strong adoption and potential for reversal offer some hope. Investors should watch key support levels closely.
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