- PEPE social and transaction volume in profit metrics was a warning for the short-term bulls.
The support levels to the south could offer a good risk-to-reward buying opportunity.
As a seasoned crypto investor with a keen eye for technical analysis, I’ve seen my fair share of market fluctuations and trends. The recent PEPE price action has raised some red flags for me, despite its popularity among certain circles.
Pepe’s price fluctuated between $0.0000131, hit on the last day of May, and $0.0000154. Currently, PEPE supporters were making efforts to maintain the support at $0.0000143 in the middle of this range.
The courageous actions of those involved could possibly be fruitless. The technical signals and trading data suggested that the price of PEPE could decline by around 5-6%.
As a researcher studying market trends, I would advise traders to be mindful of potential decreased volatility and trading volume in the coming days, with the weekend approaching.
A large clump of limit buy orders might be hunted soon
Similar to liquidation levels, limit orders provide clues about potential future price movements. For instance, based on data from MobChart, there were accumulated limit buy orders totaling $2.69 million at two distinct price points: $0.0000141 and $0.000014.
A short while ago, the previous bid was initiated, implying that prices could potentially rise further without touching those specific points. Simultaneously, there existed approximately $995,000 in buy orders priced at $0.0000135, making these levels significant supports.
As a researcher studying scalp trading strategies, I would recommend examining the market conditions on lower timeframes to identify potential bullish signals prior to considering a buy position during a retest of key levels.
PEPE enthusiasm has receded slightly from late May
As a researcher studying on-chain transactions, I’ve observed that the proportion of daily trade volumes resulting in profits versus losses experienced significant peaks in May. This trend has softened somewhat during the initial days of June, with the memecoin finding itself confined to a relatively narrow price range.
This indicated a decline in bullishness and could be a sign of bearishness and caution.
In May, both social activity and dominance increased alongside rising prices. However, over the past ten days, there has been a noticeable decrease in social volume.
The drop in social media engagement underlined the downtick in PEPE hype.
“The PEPE stock experienced a sudden decline, falling beneath the previously identified mid-support price level on the short term chart.”
On the 4-hour chart, the Directional Movement Index indicated that the trend was not strongly established as the ADX (represented by the yellow line) fell below the 20-threshold.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
As a crypto investor, I’ve noticed that the Cumulative Moving Average (CMA) of PEPE has been climbing steadily higher, suggesting significant capital inflows into the market. This buying pressure could potentially be strong enough to overpower any bearish sentiment and push PEPE back up towards its range highs.
For swing traders and investors, it may be advisable to hold off on purchases until the price reaches the neighborhood of $0.0000135 to $0.000013. Their ultimate goal would then be to capitalize on potential gains by aiming for the high end of this range.
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2024-06-07 23:03