PEPE Price Analysis: On-Chain Data Indicates Potential for Continued Rally

PEPE price recently experienced a significant 42% drop from its peak in 2024, reaching $0.000006 on March 19. Despite this pullback, on-chain data trends suggest that the rally may not be over yet.

Market Overview:
– Tokens like PEPE, Dogewifhat (WIF), and Book of memes (BOME) have seen triple-digit gains and reached historic peaks in the memecoin markets.
– PEPE’s market capitalization exceeded $3.5 billion as its price surged to $0.00001 on March 14, making it the second-largest memecoin ecosystem on the Ethereum network.

PEPE Network Growth:
– Despite the price dip, PEPE continues to attract new users, indicating potential for an early recovery phase.
– Santiment’s amount of holders metric shows a significant increase in the number of funded wallets holding PEPE, with 29,100 new users joining the network between Feb 29 and March 19.

Market Forecast:
– Strategic traders may consider buying in at the bottom as PEPE’s price dips below the 20-day SMA price.
– The growing demand from newly-funded PEPE addresses suggests a steady support level above $0.000006, with a potential resistance at $0.000008.
– IntoTheBlock’s data indicates that a significant sell-wall may be present at $0.000008, but if overcome, the price could rally towards $0.00001.

Conclusion:
PEPE’s price forecast for March 2024 remains positive, with potential for a continued rally as long as the support level at $0.000006 holds. However, bears could take control if this support is lost, although strong buy-walls may prevent a significant drop.

Overall, the on-chain data and market dynamics suggest that PEPE may have further room for growth in the near future. Investors should keep a close eye on key support and resistance levels to make informed trading decisions.

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