Here’s what PEPE’s bulls will expect from its price action next week

PEPE

As a seasoned crypto investor with battle-tested nerves and a knack for deciphering market trends, I find myself cautiously optimistic about PEPE‘s near future. The 10% price bounce it’s likely to see in the coming days is enticing, but I’m not ready to pop the champagne just yet.

On August 5th, when Bitcoin dipped to $49,000, the memecoin Pepe returned to its 78.6% Fibonacci retracement level at 0.0000068 cents. Unlike other prominent altcoins, Pepe has not mirrored their price behavior so far.

Some coins have successfully returned to their previous trading values following the negative market trend that started around the first week of August. Unfortunately, other widely-used meme coins haven’t shown significant improvement in the last fortnight.

Sentiment is slightly positive, despite lack of encouraging price action

Here’s what PEPE’s bulls will expect from its price action next week

Over the last few days, there’s been a slight tilt toward positive sentiments in our 3-day analysis of public opinion. The increased activity on social media didn’t indicate any negativity. At the same time, the number of dormant circulations has remained fairly steady.

Over the last week, we’ve seen an increase in the average age of coins, suggesting a buildup. If this trend continues with minimal activity in the dormant circulation, it could potentially boost PEPE‘s chances for recovery.

As a crypto investor, I’ve noticed that while the Memecoin saw a comparable surge in value during July, it failed to break through the resistance at $0.000013. This barrier has been holding back potential buyers since the early days of June.

PEPE is unlikely to recover its late July levels

Here’s what PEPE’s bulls will expect from its price action next week

In simpler terms, the market’s trend remains downward for now, but we can turn it around if the price manages to end a trading day above $0.000009. The Moving Average Convergence Divergence (MACD) indicates that the bearish pressure is decreasing, and the On-Balance Volume (OBV) is starting to slowly increase as well.

The most encouraging fact was PEPE’s stubborn defense of the $0.00000678 level, a key Fibonacci retracement. The bulls were beaten but not wholly defeated yet.

Over the past week, it was observed that the range between $0.0000085 and $0.0000094 held a significant number of potential sell-off points. Despite anticipation for the price to drop further, these short positions could be cleared if PEPE experiences an 8% increase in value.

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Consequently, over the immediate future, traders may witness a temporary price surge due to the sweeping of this liquidity. However, if there’s no significant organic demand shown in technical indicators like On-Balance Volume within a few days, it’s doubtful that a prolonged uptrend will materialize.

2024-08-24 10:15

Sentiment is slightly positive, despite lack of encouraging price action

PEPE is unlikely to recover its late July levels

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