"PEPE Memecoin Surges 23% on Bullish Reversal Pattern"

PEPE, a popular memecoin, has been making waves in the cryptocurrency market after forming an inverse head and shoulders pattern, a bullish reversal structure that signals a potential price surge. The pattern's left and right shoulders highlighted higher lows, indicating increasing buying momentum, while the head represented the lowest point in the pattern. The price seemed to have broken through the $0.00001 neckline, confirming bullish strength. Based on the measured move from the breakout, PEPE may now be targeting the $0.000012 resistance level, representing a potential price hike of 23% if momentum continues.

At the time of writing, PEPE's price action was testing key support and resistance levels that could dictate its next movement. The immediate resistance stood at $0.000012, a level where previous selling pressure has emerged. If PEPE closes above this level, further gains could follow. On the downside, the support zone was at $0.000008, which previously acted as a strong buying region. If the price pulls back, $0.0000095 may serve as an intermediate support level before testing lower levels. Traders are monitoring whether PEPE will sustain its breakout or face short-term corrections before another upward move.

Data from IntoTheBlock underlined fluctuating activity from large PEPE holders. The 7-day whale accumulation trend fell by -45.77%, hinting at a recent decline in buying pressure from major investors. However, the 30-day accumulation rose by +103.64%, alluding to strong buying activity last month. The 90-day trend, however, had a reading of -155.09%, pointing to a long-term decline in large holder positions. The next move in PEPE's price will likely depend on whether large holders continue accumulating or begin selling again.

Finally, the Addresses Stats chart pointed to a drop in network participation, which could affect liquidity and demand. The 7-day New Addresses metric (NA) fell by -31.72%, meaning fewer new investors are entering the market. Additionally, Active Addresses (AA) declined by -50.72%, a sign of reduced transaction activity. The Zero Balance Addresses (ZBA) metric also dropped by -63.73