Meme Coin PEPE Bounces Off Critical Support  

Meme coin PEPE is experiencing a resurgence after a recent downtrend. However, the market conditions and investor behavior raise concerns about its potential for sustained growth. The price of PEPE is currently hovering just above a critical support level at $0.00001146, but the outflow of money from the asset is putting downward pressure on its price. The Chaikin Money Flow indicator, which measures buying and selling pressure, is at a two-month low, indicating intensified selling pressure. Additionally, active addresses by profitability suggest that investors who have made gains are consistently active and may be inclined to sell their assets. While PEPE’s price is currently bouncing off the support level, the lack of conviction among investors could hamper its recovery. If selling pressure increases, the price may lose support and drop to $0.00001007. Conversely, a successful bounce-back could drive the price up to $0.00001369 and potentially even $0.00001600.