- Pepe saw spikes in social volume and price some days ago.
- There has been a retracement, and it is now trending negatively.
As a seasoned crypto investor with battle-scarred eyes and a heart full of scars from past bear markets, I have learned to read between the lines when it comes to sudden spikes in social volume and price surges.
Recently, the social activity surrounding PEPE (PEPE) saw a substantial rise, aligning with a surge in its price.
On the other hand, the increase in activity is now showing signs of slowing down, mirroring a trend observed over the past day as both social interest and prices exhibit a decrease.
Pepe’s social volume and price surge
Data from Santiment shows that the social activity surrounding “Pepe” peaked on October 6th, with a count of 289 – the highest level recorded since June.
There was a surge in conversations about Pepe on various social networks, which led to an initial positive reaction in its price. As a result, the value of Pepe increased by approximately 9.41%, rising from nearly 0.000009 USD to around 0.00001 USD.
The increase caused the price to go beyond its 200-day moving average, an important barrier point. Yet, the enthusiasm has soon waned, because historically, prices often fall back when the hype on social media subsides.
Pepe price retracts after spike
After a short surge in its value, Pepe’s price is now decreasing. In the past day, there has been a drop of approximately 4.20%, causing its price to fall to roughly 0.0000098 USD.
Currently, the meme coin is being exchanged for around 0.0000095 USD, which translates to a 2.8% decrease in value from its previous trading price.
Regardless of the drop in price, Pepe’s Relative Strength Index (RSI) continues to sit above the non-committal line, suggesting that it currently exhibits a bullish pattern.
In other words, if the price keeps falling, the RSI might move towards negative levels, suggesting more drops may occur in this particular trading period, hinting at a bear market trend.
Volume declines, but sentiment stays positive
During the same period, Pepe’s trading activity significantly increased along with its social engagement and value. Initially, the trading volume soared from approximately $900 million to more than $1.2 billion, and subsequently reached $1.3 billion as the price declined in the recent trading session.
At press time, the volume had slightly decreased to $1.2 billion.
Despite the declining price, Weighted Sentiment around Pepe remains positive. Analysis shows sentiment is at 1.2%, suggesting there are still more buyers than sellers in the market.
This also indicated that long positions continues to dominate, even as the price retraced.
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2024-10-08 23:03