- PEPE holders might opt to cash in on a bounce in prices in the coming days
The price prediction remains bearish and a retest of a key support zone is expected
As a seasoned crypto investor with a few battle scars from past market swings, I’ve grown accustomed to the volatile nature of this space. However, the recent price action in PEPE has left me feeling uneasy.
Last week, it seemed that PEPE bulls were successfully reversing the downward trend as the price held above a previous resistance level, now acting as support. However, in just the past day, this optimistic outlook has shifted.
As a crypto investor, I’ve noticed an uptick in selling pressure for the meme coin lately. Interestingly, this trend emerged around the same time Bitcoin (BTC) dipped below its $64.8k mark on June 21st.
As a market analyst, I’ve observed a generally pessimistic sentiment permeating the crypto sphere recently. The predicted trend for PEPE, in particular, pointed to a return to this critical support level based on trader expectations.
The bullish order block — can it save PEPE?
PEPE is likely to see another double-digit percentage price drop.
It’s anticipated that the PEPE cryptocurrency price may revisit the support area around $0.0000093 (represented by the cyan box on the chart), which served as a significant buying zone back in mid-May. This bullish pattern could potentially unfold within the next few days.
In plain English: The Relative Strength Index (RSI) on the daily chart remained below the neutral 50 level throughout June. Additionally, the bearish market structure became more pronounced in the lower timeframes when the meme coin dropped below its key support at $0.00001314.
As a researcher observing the market trends, I noticed that the Overseas Bond Market Value (OBMV) was precariously clinging to a nearby support line. The trading activity had significantly waned over the past few weeks, implying that the recent descending trend might not have been rooted in substantial market forces.
A significant change in investor attitude toward PEPE across the market might lead to a swift rebound, as evidenced by both high trading activity and the in/out of the money chart.
Sell pressure could fizzle out soon
Based on the data from IntoTheBlock, approximately 77.58% of PEPE investors are currently experiencing a profit, even with the recent market decline.
Significant amounts of PEPE tokens were purchased at a relatively low price between $0.000002 and $0.000003 during late February. This price range marks the beginning of PEPE’s dramatic price surge.
Read Pepe’s [PEPE] Price Prediction 2024-25
A larger proportion of tokens were sold at prices closer to their purchase price, resulting in a significant number of holders potentially looking to sell during a price increase in order to recoup their initial investment. Consequently, a temporary price drop may occur.
Over time, the uptrend might continue after a retest of the $0.0000093 bullish order block.
Read More
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- BLOCX PREDICTION. BLOCX cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- Top gainers and losers
- CELL PREDICTION. CELL cryptocurrency
- EUR BRL PREDICTION
2024-06-25 00:08