Pepe Coin September Challenge: Can It Reach $0.000001 Again?
04 September 2023 - 6:18PM
NEWSBTC
Pepe Coin, the meme-inspired cryptocurrency, has faced a recent
setback as it failed to sustain support at $0.00000078, casting
doubts on its short-term rally prospects. The sellers’ inability to
follow through on their downward pressure hints at some wavering in
their conviction. The crucial question now is whether the
uncertainty will pave the way for buyers to reclaim higher ground
this month. As of the latest data from CoinGecko, PEPE currently
trades at $0.000000807186, reflecting a 2.8% increase in the past
24 hours. However, over the past seven days, the coin has
experienced a 7.6% decline in value. Price analysts suggest that if
the daily candle manages to close above the critical level of
0.00000078, the recent breakdown could be deemed a “bear trap,”
that might offer a glimmer of hope for PEPE enthusiasts. A bear
trap is a situation in trading where the price of an asset appears
to be entering a bearish (downward) trend but then reverses and
moves upwards instead. It “traps” or tricks traders who were
expecting further price declines into selling their positions, only
to see the price rise. Related Reading: Shiba Inu Price Faces
Potential Loss As Bearish Pattern Emerges Challenges Ahead For PEPE
While the bullish momentum appears promising, PEPE’s recovery
remains constrained within a falling channel pattern that has
persisted for the past two months. To gain more confidence in the
revival, buyers must breach the upper trendline of this channel.
Such a breakout has the potential to catapult the meme coin past
the coveted $0.000001 threshold. Total crypto market cap at $1.02
trillion on the daily chart: TradingView.com In a separate report,
worrying statistics emerge regarding the health of the PEPE
network. Santiment’s latest data reveals an 83% drop in active
addresses associated with Pepe (PEPE) over the past quarter.
Additionally, both transaction volume and transaction count have
experienced a significant downturn. Despite the recent price rally
and bullish sentiment, PEPE faces challenges ahead, primarily due
to the persistent downward trend within the falling channel
pattern. The failure to break free from this pattern could see the
meme coin continue its downward trajectory. PEPE seven-day price
action. Source: Coingecko User Exodus Spells Trouble For Pepe Coin
Date from Santiment cited in the report paints a bleak picture for
PEPE as the network grapples with a sharp decline in active users.
This alarming 83% decrease in active addresses highlights the
waning interest in the cryptocurrency, possibly undermining its
long-term viability. Moreover, the decrease in transaction volume
and transaction count further compounds the network’s woes. Related
Reading: Polygon (MATIC) Drops Below Crucial Level – Will Sellers
Exit? PEPE’s recent struggle to maintain support at $0.00000078
raises questions about its near-term prospects. While there is hope
for a recovery, the coin remains trapped within a falling channel
pattern. The critical breakout point lies ahead, and the crypto
community watches eagerly to see if buyers can reclaim higher
ground. Simultaneously, the exodus of active users and
declining transaction metrics pose additional challenges for the
future of PEPE, emphasizing the need for a sustained and robust
recovery strategy. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from
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