Analyzing Pepe’s probabilities of a bounce again

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  • The Fibonacci degree indicated that PEPE might be prepared for a restoration.
  • The token momentum remained in a bearish state.

Pepe’s [PEPE] efficiency may need left holders hanging in confusion. However for merchants who’ve been watching the meme’s technical outlook, it might quickly be time for a rebound. Twitter-accustomed analyst, Altcoin Sherpa opined that the meme was already forming a mid-term backside.

How a lot are 1,10,100 PEPEs worth today?

Backing up his viewpoint with causes, the analyst famous that the token was already headed towards the .50 Fibonacci retracement degree.

Eyes on the stepping-stone

For sure, the most well-liked retracement ranges embody 23.6%,38.2%, 61.8%, and 78.6%. Nevertheless, the .50 fib or 50% degree represents a major degree of assist or resistance which might result in a bounce within the asset value earlier than persevering with within the unique path.

According to Sherpa’s ideas, PEPE’s weighted sentiment left the adverse area on 19 Might. When this metric is constructive, it implies that buyers’ hope has renewed.

When the alternative happens, it implies that market individuals weren’t optimistic in regards to the cryptocurrency’s efficiency. Regardless of that, PEPE’s quantity got here right down to 183.03 million. 

This may occasionally, nonetheless, be detrimental to PEPE’s potential restoration since a hike in quantity might have offered energy behind the meme worth.

PEPE volume and weighted sentiment

Supply: Santiment

In the meantime, PEPE’s each day on-chain transaction quantity in revenue was 14.19 trillion. However, the each day on-chain transaction quantity in loss was near 13.69 trillion. 

With this distinction in metric, it means a lot of these concerned in these transactions couldn’t purchase the token when the hype and very good efficiency had been nonetheless in place.

PEPE daily on-chain transaction volume in profit and loss

Supply: Santiment

PEPE: The bears nonetheless have it

At press time, the token had misplaced 8.16% of its worth within the final seven days. However how about its momentum? Primarily based on the four-hour chart, the Superior Oscillator (AO) was swinging under the histogram line.

The AO, used as an indicator to measure current and historic market momentum, was zero within the adverse axis. Typically used to check two shifting averages, the indicator indicators that the present PEPE momentum was bearish. 

Learn Pepe’s [PEPE] Price Prediction 2023-2024

For the Directional Motion Index (DMI), the technical outlook steered that it might take an extended whereas for PEPE to revive. On the time of writing, the +DMI (inexperienced) was at 12.49.  Nevertheless, the -DMI (inexperienced) was at 25.46.

The Common Directional Index (ADX), alternatively, was at 25.76. And for the reason that ADX (yellow) was above 25, it indicated that there was energy behind the bearish path.

PEPE price action

Supply: TradingView


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