Once a prominent figure, Pepe (PEPE) has seen a 35% drop from January 11 to January 24. The prevailing market structure has been in a downtrend since January 3. As of the time of writing, PEPE bulls were trading at the support region they have been defending since November 2023. If this level is lost, the meme coin could forfeit all gains made in the second half of October 2023 and could move away from this level.
What is the Price of PEPE?
As of the time of writing, the RSI value continues to be below 50 since January 28. Except for a brief rise on January 11, it has been below this level since that date.
On the other hand, the OBV has also shown clear declines in the last two weeks. However, the value appeared to be in an uptrend over the last three months.
Additionally, the daily chart’s market structure also reflects the decline. To reverse this downtrend, the price may need to maintain above $0.0000012. The demand zone shown above (turquoise box) indicates PEPE’s rapid rise in November.
Considering the strong buying moves previously experienced in this zone, it could indicate how eager buyers are to re-enter the market. However, a potential close below the $0.000001 support level could lead to greater losses and deepen the decline.
While all this is happening, PEPE has risen by 1.95% to a price of $0.000001095, giving investors some relief.
The Future of PEPE
An analysis on PEPE was also shared by Santiment. According to the analysis shared by Santiment regarding Pepe, the active addresses metric showed a regular decline in January, revealing the market structure.
An increase in supply was observed on exchanges. Moreover, considering the lack of demand for PEPE and another potential sell-off wave could be closer than expected. Weighted social sentiment was another indicator in a downward trend.
The MVRV ratio indicates that investors might be at a loss, while it also suggests that the token’s value might be calculated lower than expected. Nonetheless, this low price outlook and search for fair value might not be sufficient for a PEPE rally.
