PEPE’s Rollercoaster: Will It Soar or Just Splat? 🎢💸

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  • So, PEPE decided to play hopscotch and just breached a multi-year support level. Classic! 🙄
  • Spot traders are hoarding PEPE like it’s the last slice of pizza, but the derivatives market is still throwing a tantrum. 🍕

In the last 24 hours, Pepe [PEPE] has taken a nosedive of 6.03%. At this rate, it’s dragging its weekly loss down to 26.02% and a monthly meltdown of 31.88%. Yikes! 😱

But wait! Despite this sluggish performance, some bullish positions are popping up like daisies, hinting that a price boom might just be around the corner. AMBCrypto is on the case! 🔍

PEPE: Historical rally point breached

The chart is throwing a fit, showing that PEPE has broken a one-year support level that used to be its safety net. Remember when it soared 348%? Good times! 🎉

This breach might be a sneaky stop hunt, where investors play a game of “let’s push prices lower” just to trigger stop-loss orders before swooping in to buy more. Classic market shenanigans! 🕵️‍♀️

Flashback to April 2024: PEPE breached this support level in a dramatic stop-hunt move, followed by a jaw-dropping 338.9% bounce. Can we get a round of applause? 👏

Now, a similar scenario could unfold, but let’s not get too excited. The bounce might just lead to another drop, potentially hitting the lower support of $0.00000399. After that, who knows? PEPE might just decide to rise again. 🤷‍♀️

The Relative Strength Index (RSI) is like that friend who tells you when you’ve had too much to drink. PEPE recently crawled out of the oversold region, with an RSI reading of 31.87 and trending upwards. Cheers to that! 🥂

If this trend keeps up, we might just be on the brink of a PEPE rally. Fingers crossed! 🤞

The last two RSI cycles suggest that sellers are still in the game, as prices rise slightly before plummeting again. If this keeps happening, PEPE’s recent RSI bounce might just be a fleeting moment of joy. 😩

A sustained rally would need the RSI to break through the last three circled points like a champ. This would mean sellers are finally out of breath, allowing buyers to jump back in. 🏃‍♂️💨

In the spot market, investors are still crushing on PEPE. Over the past week, traders have collectively splurged $53.11 million on PEPE. That’s the highest weekly purchase since late January when they went wild with over $85 million. 💰

AMBCrypto’s analysis shows some bullish vibes in the market. But hold your horses! Sellers in the futures market are still betting on a price decline. 🙃

Futures market signals heavy selling pressure

As of now, the Futures’ Open Interest (OI) Weighted Funding Rate has plummeted to a historic low of -0.0297. Talk about a dramatic drop! 📉

A negative OI-weighted funding rate like this screams that sellers are running the show. This metric combines OI with the Funding Rate to predict market trends in the derivatives market. Spoiler alert: it’s not looking good. 😬

With trading volume skyrocketing by 91% to $574.57 million while prices are in free fall, it’s clear that the ongoing selling is

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2025-03-10 21:16