- The strong momentum and buying pressure should eventually force PEPE past the July highs.
In/out of the money data showed that this resistance zone was particularly strong.
As a seasoned crypto investor with over a decade of experience in this wild and volatile market, I have learned to navigate through the peaks and valleys with a blend of patience, intuition, and a healthy dose of humor. After careful analysis of the recent developments in PEPE, it appears that we are at an inflection point.
Pepe (PEPE) was among the many well-known alternative cryptocurrencies that emerged from a prolonged period of consolidation and price fluctuations in a defined range. Since August, this meme coin, ranking third in popularity, has had difficulty surpassing the $0.000009 resistance level convincingly.
Over the last fortnight, experiencing a substantial 58% surge, along with a robust shift in the market dynamics, has undeniably instilled confidence within me as a PEPE investor. The question now arises: Should I cash out and wait for the next opportunity, or hold steadfast, anticipating further momentum in this rally?
PEPE sees a minor price dip after nearing a three-month resistance
If the trading on Sunday finishes higher than $0.00000986, it would reverse the overall weekly trend to a bullish one. Since the 20th of September, the daily trend has been bullish.
As an analyst, I found it invigorating to observe the market’s resilience as it held firm at the 78.6% Fibonacci level. The subsequent surge toward the June and July highs was particularly encouraging. However, a potential rejection from the $0.0000123-$0.000013 range could still materialize. Given this, I advise swing traders who are currently in a position to consider booking some profits as a precautionary measure at least.
1) The Commercial and Financial Metrics (CMF) stood at 0.27, emphasizing the robust buying activity over the last fortnight. Additionally, Pepeswap (PEPE) surpassing its 50-Day Moving Average (DMA) suggests a growing bullish trend in the long term.
Psychological resistance has been flipped
0.00001, when rounded, holds significant psychological value. Currently, the meme coin is being traded at levels above this figure, and the strong purchasing interest suggests it may soon transform into a support area.
Read Pepe’s [PEPE] Price Prediction 2024-25
As a researcher, I’ve discovered from my analysis using IntoTheBlock that the range between $0.000011 and $0.000012 serves as a significant resistance zone. It appears that numerous addresses have previously purchased this token within this price bracket, and given the absence of notable bullish momentum since June, some of these holders might be considering selling their tokens.
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2024-09-30 03:03