Date: Tue, Jan 07, 2025, 04:52 PM GMT
In the cryptocurrency market today, the past few hours have seen a sharp downturn. Bitcoin (BTC) plummeted over 4%, triggering significant liquidations amounting to $241 million within just 4 hours, as reported by Coinglass.
This downward pressure has rippled through the broader crypto market, with memecoins like $PEPE bearing the brunt of the decline. PEPE has dropped nearly 10%, currently trading at $0.000019.
Source: Coinmarketcap
However, according to a fresh analysis by crypto analyst @ChandlerCharts, this dip could represent a buying opportunity for investors.
Analyst Insights
According to the analysis shared by analyst, the current dip in PEPE exhibits striking similarities to past movements that preceded major rallies. The analyst highlights how the Relative Strength Index (RSI) plays a key role in identifying potential reversal zones.
PEPE 1D Chart / Source: @ChandlerCharts (X)
Both in the past and the present, the RSI dropped close to the oversold region, falling below 40, before showing signs of recovery. Historically, such conditions have been reliable indicators of bullish momentum building up.
The chart also reveals that PEPE experienced similar dips around at 2024, which are marked on the chart with yellow, orange, and red circles respectively. These dips occurred during periods of market uncertainty but eventually led to significant price surges. Each dip provided an excellent buying opportunity for investors who capitalized on the subsequent rallies.
Currently, the most recent dip in January 2025, highlighted with a red circle, aligns closely with these historical patterns. The setup suggests that PEPE might be on the verge of replicating its previous performance.
What’s Next for PEPE?
If PEPE holds its $0.000019 support, the analyst predicts an upward move. The RSI’s recent rebound from the oversold region below 40 suggests building momentum, similar to past rallies. Key resistance lies at $0.000025, with a potential breakout to $0.000035 or higher. This dip may offer a promising buying opportunity.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
