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PEPE has risen slightly, by 2.21% in 24 hours.
Market fundamentals suggest that the recent pullback is a mere correction before another uptrend.
After spending years analyzing market trends and observing the ebb and flow of digital currencies, I must say that the recent performance of PEPE has caught my attention. Despite the temporary dip it experienced over the past week, the memecoin’s resilience is evident in its current 2.21% rise in just 24 hours.
For the last seven days, the price of PEPE (PEPE) has dropped significantly, falling by approximately 3.47%. However, it’s important to note that before this decline, PEPE was showing steady growth, increasing by a substantial 37.43% over the course of monthly charts.
After reaching $0.0000119, PEPE has found it challenging to sustain a positive trend. In a weekly perspective, this memecoin appears to be moving horizontally, hinting at a potential breakthrough.
Currently, PEPE is being exchanged at approximately 0.000009705 dollars in the current market scenario. This represents a growth of 2.21% within the last day. Notably, the market capitalization of this memecoin has also risen by 1.90%, amounting to $4.09 billion over the same time frame.
Based on the recent fluctuations and positive returns, it seems the memecoin is experiencing optimism. The dip on a weekly basis might just be a temporary pause before aiming for another upward trend.
What PEPE’s charts say
Based on AMBCrypto’s examination, the memecoin PEPE is currently testing a significant resistance point at $0.00001. Due to this, PEPE has experienced several price rejections at this level. Given the current market circumstances, there’s a possibility that PEPE could experience a price jump.
Initially, PEPE‘s modified Divergence of Adjusted Averages (DAA) has consistently shown a positive value over the last seven days. This indicates an increase in demand and suggests that the market may soon break its downward trend.
It seems like a significant increase in value for this meme coin is approaching, because its current worth appears to be lower than it should be given the improving underlying factors. The prices haven’t risen as much as they might due to these improvements yet.
Furthermore, currently, the aggregated Funding Rates across Exchanges stand at a positive 0.006%, having risen from negative values observed yesterday.
Over the past week, the Funding Rate has predominantly been positive, indicating a higher demand for long positions relative to short ones.
Read Pepe’s [PEPE] Price Prediction 2024–2025
The behavior of this occurrence is also noticeable when considering the OI Weighted Funding Rate. This implies a general change in market opinion, since investors seem to be becoming more optimistic about the future potential of memecoins.
To wrap up, it was observed through Coinglass’ findings that the Open Interest had risen by approximately 2.88%, totaling $140.15 million in the last 24 hours as of the current reporting time. This suggests that investors were actively creating new positions, likely in anticipation of potential future profits.
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2024-10-10 07:03