Despite a recent buy signal, PEPE faces challenges as it trades in a downtrend with declining active addresses and transaction volumes.
Recently, PEPE showed a buy signal on the weekly chart, thanks to the TD Sequential indicator. This suggests a potential reversal for the memecoin, which has been in a downtrend for a considerable period. At press time, PEPE was trading at $0.00009926, representing a 3.90% increase over the past 24 hours.
However, the question remains: can this bullish signal overcome the current downtrend and initiate a sustained rally?PEPE's price action indicates that it is testing crucial levels but is still encountering significant resistance. The cryptocurrency is consolidating around $0.000099, with the next resistance zones at $0.0001395 and $0.0002108. A potential reversal hinges on PEPE's ability to break through these resistance levels. If it fails to push higher, the downtrend might persist. Moreover, the Relative Strength Index (RSI) reading of 35.56 suggests that the memecoin is nearing oversold territory, further amplifying the uncertainty surrounding the potential rebound.Despite the buy signal, daily active addresses are revealing a concerning decline. As of February 13th, PEPE had only 976 active addresses, a stark drop from previous months. This decrease signifies waning interest from retail investors, which could hinder its recovery. If the cryptocurrency fails to rekindle user interest, the possibility of a sustained rally diminishes considerably. The transaction count has also been on the decline. On February 13th, the cryptocurrency recorded only 782 transactions, significantly lower than its peak volumes. This drop indicates that market participants are less engaged, potentially limiting short-term growth. Without an increase in transaction volume, PEPE may struggle to gain momentum and could continue its downward movement. However, if it manages to spark renewed interest, the transaction count could surge, supporting the potential for an upward move.Large holders have exhibited uncertainty regarding the cryptocurrency's future. Net token flows from large investors have fluctuated significantly, indicating that major players are not making strong, decisive moves. The 7-day change for large holders shows a substantial decline of -35.93%, while the 30-day change has increased by +67.75%. However, the 90-day change reveals a more pronounced drop of -57.86%, reflecting a cautious long-term outlook. This cautious stance among major holders could prevent the memecoin from sustaining any bullish momentum and might contribute to the ongoing downtrend.In conclusion, despite the bullish signal from the TD Sequential indicator, PEPE continues to trade in a downtrend with declining active addresses and transaction volumes. The RSI reading suggests that PEPE is approaching oversold conditions, and large holders remain hesitant. For now, the outlook remains uncertain, and the next few days will be crucial in determining whether it can reverse its downtrend
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