Hopes for a sustained price increase for Pepe (PEPE) have been dashed in the short term, The memecoin, a strong performer and currently trades around $0.0000088. Analysts predict PEPE might remain range-bound for some time based on on-chain metrics.
Bulls and Bears in a Tug-of-War
IntoTheBlock’s Bulls and Bears indicator, which tracks large buy and sell orders, paints a picture of indecision. The indicator reveals an equal number of “bulls” (large buyers) and “bears” (large sellers), suggesting neither significant price surges nor corrections are imminent.
Exchange Inflow and Outflow Signal Stagnation
Santiment’s data on exchange activity further reinforces the consolidation outlook. The near-identical exchange inflow (tokens sent to exchanges for potential selling) of 678.69 billion and outflow (tokens withdrawn from exchanges) of 625.55 billion suggests a lack of dominant selling or buying pressure.
Network activity metrics like new, active, and zero-balance addresses also paint a concerning picture. A decrease in these metrics indicates declining user participation and adoption, potentially leading to stagnant demand for PEPE.
Also Read: 9% PEPE Price Surge Triggers Largest Liquidation In History: Whales Accumulate 1.5 Trillion PEPE
Consolidation or Correction?
Based on the current data, PEPE’s price might trade sideways between $0.0000088 and $0.0000095. However, this prediction can be upended by a surge in buying pressure or a wave of selling from token holders.
While another price rally for PEPE isn’t entirely out of the question, on-chain metrics currently suggest a period of consolidation. Investors should carefully consider these factors before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
