Pepe did not show a hopeful outlook based on network activity stats, but the nearby liquidity pool and a BTC reversal could aid PEPE bulls.
A revisit to the nearby liquidity pool would likely see a trend reversal and can be a good buying opportunity for investors.resumed its downtrend after the bullish 1-day market structure break on the 23rd of August. The structure flipped bearishly on the daily once more afterThis also implied that it has been quite difficult for the meme sector to break from the bearish trend of Bitcoin in the past month.
This was not just a short-term trend. In May, these Pepe metrics formed a respectable high, with active addresses reaching 9.85k. However, since then it has been a steady decline, with the current value at 2.22k. At the same time, the zero balance addresses have also declined, which usually is a signal of network health and increased participation but in this instance is overshadowed by the other network metrics.Similarly, over the past month the number of addresses holding PEPE in the short-term, designated as traders, has decreased by 25.03%. The increase in the holder’s numbers was a slight encouragement.
However, if Bitcoin continues to face losses and sentiment does not begin to shift in the coming weeks, these liquidity clusters might not be enough to halt the bearish price advance.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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