Pepe (PEPE) Price Forecast: A Potential Continued Downtrend Amid Market Weakness $PEPE
Pepe's price has been on a downward trajectory, with a significant 18% drop observed the day before. As of Tuesday, PEPE continues to slide, trading at $0.000068. The decline is largely supported by negative on-chain data, such as decreasing daily active addresses and lower trade volume, indicating a cooling demand for the meme coin. Technical Analysis: A Correction May Be Imminent The current price action suggests further downside potential for Pepe. The token recently fell below its long-established upward trendline, a key technical support level. After attempting a retest of this broken trendline on Sunday, PEPE was rejected, leading to a sharp drop of 18.12% on Monday. This bearish trend could extend, with the price possibly testing a significant support level near $0.0000058, marking a 16% decline from its current position.
On-Chain Activity Shows Weakening Sentiment Tracking the network activity via Santiment’s Daily Active Addresses index reveals a troubling trend for PEPE. The number of daily active addresses has decreased from 7,319 in early February to just 3,611 on Tuesday. This decline signals waning interest and reduced demand for the token, which is reflected in the falling price.
Outlook: A Challenging Road Ahead for Pepe With both technical indicators and on-chain metrics painting a bearish picture, Pepe may face continued pressure in the near term. While the market sentiment is currently weak, it’s crucial for investors to monitor these levels for any signs of reversal before making any decisions. #PEPE #MarketDecline #CryptoAnalysis
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