- PEPE’s stable adoption and rising whale activity hint at a potential breakout above key resistance.
- Net inflows and growing active addresses reflect increased interest as PEPE approaches a pivotal moment.
Pepe [PEPE] has gained momentum with a 10.53% price increase in the last 24 hours, bringing its price to $0.057915 at the time of writing. The 24-hour trading volume reached $1,650,306,160, reflecting renewed interest among traders and investors.
Over the past week, PEPE has seen an 8.06% rise, pushing its market cap to $3,313,864,395 with a circulating supply of 420 trillion tokens.
The price action remains characterized by lower highs and lower lows, highlighting a prolonged bearish trend since its peak. However, a potential breakout could change the momentum.
Key resistance and support levels to watch
PEPE’s price has been contained within a descending channel, with a well-defined resistance at $0.00000820. This level is significant as it represents the upper boundary of the channel, marking the first hurdle for bulls.
A breakout above this resistance could signal a shift in momentum and open the door for a rally towards the next target of $0.00001330, a level that has acted as a significant resistance zone in the past.
Source: TradingView
On the downside, support at $0.00000470 is critical. This support aligns with a previous consolidation area, suggesting strong buying interest around this level.
Should the price fail to break the $0.00000820 resistance, it may continue its downward trend, potentially retesting the lower support near $0.00000470.
The Relative Strength Index (RSI) is currently at 53.09, indicating neutral momentum. This reading shows that PEPE is not in overbought or oversold conditions, leaving room for movement in either direction.
The lack of a strong momentum signal from the RSI suggests that the market is in a state of indecision, awaiting a clear breakout or breakdown.
PEPE gains momentum as adoption stabilizes
Recent data also indicates fluctuating net flows, with recent net inflows of $4.40 million on September 19, suggesting increased buying pressure. Despite these inflows, the price remains relatively stable, reflecting market caution.
Source: Coinglass
The gradual increase in new and active addresses indicates growing participation, with 602 new addresses and 2,000 active addresses recorded on September 18.
Source: IntoTheBlock
According to a recent report by AMBCrypto, PEPE’s adoption rate is showing a stable trend, reflecting continued engagement without signs of decline.
This steady rate suggests that more traders are getting involved with PEPE, although the pace of adoption may not be as rapid as some enthusiasts might expect.
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Nevertheless, a constant adoption rate is generally seen as a bullish sign, indicating ongoing interest and participation in the PEPE market.
Moreover, key indicators such as whale activity, and this stable adoption rate contribute to a growing bullish outlook as the market approaches Q4 2024.
