PEPE Fails to Surpass $240 Million Resistance: What It Means for Price 🐸
The Frog-themed Pepe coin (PEPE) has seen a price decline of 6.5% over the past week, currently trading at $0.0000098. This downward trend is attributed to a significant supply wall overpowering the underlying support.
The In/Out of Money Around Price (IOMAP) data indicates that approximately 5,300 addresses hold 23.84 trillion PEPE tokens, valued at $240 million, at a loss. A high volume of addresses "out of the money" creates resistance at this price level.
The network's growth metric, which tracks new addresses interacting with PEPE, has decreased, suggesting a decline in demand. Sustained reduction in network growth could make it challenging for the price to increase.
The daily PEPE/USD chart shows the Moving Average Convergence Divergence (MACD) has turned negative, indicating bearish momentum. This trend could lead to a further 28% price decline to $0.0000070 unless significant buying pressure emerges.
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