đ€PEPE: Is âbuying the dipâ a good move to make?
đ PEPE Price Drop
Pepe [PEPE] has recently dropped 32.6%, retracing to $0.00001131 from its high of $0.00001724. It has pulled back to a support level at $0.00001131, which is also an ascending trendline that has been retested multiple times in the past two months.
đ° Buying Opportunity
This retracement presents a potential buying opportunity for traders looking to capitalize on the dip. As of now, PEPE is valued at $0.00001264 on CoinMarketCap, up 3.17% in the last 24 hours but down 16.74% over the past week. The market cap stands at $5.3 billion, with a 24-hour market volume decrease of 35.8% to $860 million.
đ Increased User Activity
AMBCrypto's analysis of Santiment data shows a surge in daily active addresses and transaction volumes, suggesting a likely bullish rally. PEPE saw multiple peaks of over 200,000 active addresses in a 24-hour period. The ratio of daily on-chain transaction volume in profit to loss was skewed towards profit, indicating increased user activity and potential accumulation.
đ Technical Indicators
The daily PEPE/USD chart shows that the recent pullback found support along an ascending trendline, indicating a potential uptrend resumption. The Stochastic RSI is oversold, signaling a possible price reversal. Additionally, the MACD histogram crossing above the signal line suggests a potential bullish crossover.
đ€ Is It Worth Buying the Dip?
PEPE's current dip offers a potential buying opportunity, with strong support along the ascending trendline and oversold conditions on the Stochastic RSI affirming a bullish signal. However, if the support level fails to hold, PEPE may experience further price dips.
