Pepe Coin has experienced a significant 8% price increase over the past seven days, including a 9% gain in the last 24 hours. Despite early signs of recovery, widespread bearish signals suggest sustaining the uptrend remains challenging.
The current relative strength index (RSI) is slightly below the 50 level, showing uncertainty in price action and failure to confirm a trend reversal. In addition, the momentum oscillator (AO) also supports the bearish sentiment, and the AO is still below the average zero level, suggesting that the bearish momentum is still dominant.
This is in line with the recently broken Pepe ascending trendline support, which has served as a key technical support level.
In terms of profit-taking and selling pressure, investor behavior shows an increase in profit-taking, exacerbating the bearish trend. IntoTheBlock data shows that about 26% of active Pepe token addresses are in profit, which drives increased selling pressure and further hinders price rebounds.
Despite the recent downturn in the market, 77.58% of Pepe holders remain profitable. Most of these coins were purchased in the $0.000002 to $0.000003 range, with Pepe showing a significant upward trend starting in late February. This historical backdrop highlights that Pepe could rebound again if market sentiment improves.
The Inflow/Outflow Chart (IOMAP) shows selling pressure, with many addresses buying Pepe at an average price of $0.0000110. If the price approaches this level, it may encounter resistance as investors sell to recover their initial investment.
According to the technical analysis report provided by altFINS:
The bullish flag pattern shows that Pepe is currently in a consolidation phase, which usually indicates that the price may rise again after a pullback.
Analysis shows that Pepe’s potential upside target is $0.000013 (up 11%) or even $0.000015 (up 28%). It is recommended to set the stop loss at $0.0000103 to control the risk.
Although the short-term trend is down and the medium-term trend is neutral, the long-term trend remains strongly up, providing support for the overall bullish outlook.
The MACD line has crossed below the MACD signal line, indicating a weakening of short-term momentum, but the RSI-14 indicator shows that Pepe is neither overbought nor oversold at present, and there may be uncertainty in the direction of price fluctuations.
Key Price Levels: Near-term support is around $0.0000091, while resistance is between $0.000013 and $0.000015.
These technical indicators show that Pepe has certain upside potential in the current market environment. Investors are advised to pay close attention to market dynamics and formulate corresponding trading strategies.
Market Outlook:
The current market dynamics of Pepe Coin provide traders with compelling investment opportunities. Despite diverging from Bitcoin, Pepe holding its support levels shows significant upside potential. However, investors need to remain cautious in the current uncertain market environment. The recent market downturn and the brief drop of Bitcoin below $61,000 due to the Mt. Gox incident are reminders that multiple variables remain in the market.
In the crypto industry, seizing the next bull market opportunity requires discussing with quality circles, which helps maintain insight and firm conviction. It is not easy to fight alone in this industry.
