As of the current moment, the widely traded memecoin PEPE is receiving attention due to the formation of an inverted head and shoulders pattern – a commonly recognized bullish reversal pattern indicating a potential uptrend. Observing the pattern, the left and right shoulders displayed higher lows, signifying increasing buying momentum, while the head marked the lowest point within the pattern.
The price appeared to have breached the $0.00001 neckline, affirming a bullish sentiment. With the projected move from the breakout, PEPE could be eyeing the $0.000012 resistance level, potentially indicating a 23% upswing should the momentum persist.
PEPE Nearing Critical Resistance at $0.000012
At present, PEPE’s price movement is testing crucial support and resistance levels that could determine its next direction. The immediate obstacle lies at $0.000012, a level where previous selling pressure has been noted.
Above this level, further price gains might ensue.
On the downside, the support range is at $0.000008, formerly a robust buying zone. If there’s a downturn, $0.0000095 could act as an interim support before exploring lower thresholds.
Thus, traders are closely observing whether PEPE will uphold its breakout or encounter short-term corrections before another upward shift.
Whale Movement and Market Patterns
Data sourced from IntoTheBlock denotes varying activity among major PEPE stakeholders. The 7-day trend in whale accumulation witnessed a decline of -45.77%, indicating a recent drop in significant investor buying pressure.
Conversely, the 30-day accumulation surged by +103.64%, suggesting robust purchasing behavior in the preceding month.
However, the 90-day trend exhibited a -155.09% reading, hinting at a prolonged reduction in large holder positions. This implies that while short-term accumulation is on the uptick, long-term whales might be dispersing their holdings.
PEPE’s price trajectory ahead might hinge on whether major holders continue accumulating or initiate selling activities once more.
Diminishing Network Engagement Sparks Concerns
Lastly, the Addresses Stats chart highlights a decline in network engagement, potentially impacting liquidity and demand. The 7-day metric for New Addresses (NA) fell by -31.72%, signaling a decrease in new market participants.
In addition, Active Addresses (AA) decreased by -50.72%, indicating reduced transactional engagements.
Moreover, the Zero Balance Addresses (ZBA) metric saw a decline of -63.73%, implying inactive wallet movements and reduced selling pressures.
With speculation surrounding memecoins heightening, there are queries on whether PEPE’s breakout will ignite a fresh rally or confront hindrances at higher levels. Presently, investors in the memecoin realm find themselves in a state of anticipation.