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From 1,520 to 155 – PEPE’s falling transaction count will have THIS impact
The recent significant decline in PEPE’s transaction count has sparked concerns among investors. This drop from 1,520 transactions in December to just 155 over the past three months raises questions about the asset’s short-term prospects.
According to the data, a substantial decrease in large PEPE transactions mirrors the asset’s price performance, which witnessed a staggering decline of over 37%. Moreover, this downtrend in transaction count aligns with historical patterns that have consistently demonstrated a correlation between transaction volume and price stability. The sudden drop in transactions from over 1,500 to an insignificant 155 is a signal for a potential sell-off in the futures market.
The analysis reveals that PEPE’s current chart momentum supports further declines. Our research indicates that the asset has dipped towards support zones of $0.0000620 and $0.0000420. The recent price action has also indicated a downward trajectory, which aligns with our technical indicators. Furthermore, the OBV indicator is trending south alongside the price movement, indicating an overwhelming selling pressure.
If the current price level holds as support, it could potentially trigger a reversal and result in a rebound towards the $0.0001 resistance level. However, if the market fails to find support at this level and breaks below the crucial $0.0000774 mark, we may see further declines, possibly touching new lows around $0.000062.
Notably, the OBV’s low reading could either be a precursor for an eventual recovery or continue its downward trend, depending on future market developments.
Source: ambcrypto.com
