PEPE hits a new all-time high. Can it continue to rise? #PEPE
After PEPE broke through the new high yesterday, it repeatedly spiked and increased in volume, verifying that there is short-term short selling pressure. $PEPE
We found some anomalies through position data and funding rates.
At 8 o'clock last night, the price broke through the previous high, and then the position and price fell at the same time, proving that short-term bulls took profits here. This morning, the funding rate showed a negative rate, which is a short-term strong performance of the contract short.
I think the important factor is the false breakthrough of the high point, which makes users think that the top has reached the top in the short term and enter the market to short.
But from other perspectives, this may not necessarily be the high point.
The price has been retreating after the false breakthrough of the high point. Until now, the low point has been continuously raised, which is a strong performance.
The big cycle has broken through the historical high again. There is no other selling pressure except for profit-taking. The bullish trend is still healthy. There is no reversal structure now. It is too anxious to short here.
If the market reverses, it must be completed by the big cycle distribution. If you can get out of the main decline wave, if you just want a little profit from the callback, it is equivalent to operating against the trend, and the risk is too high.
In the past, many varieties will continue to accelerate their rise after breaking through historical highs. At present, PEPE is adjusting here, and there is also the possibility of accumulating power.
The shorts in the market will also become one of the driving forces for the rise, so don't be afraid of more shorts. As long as the bullish trend is healthy, don't think about shorting.
The surge in GME was not only due to the crazy buying of retail investors, but also an important factor that institutions were forced to close their shorts and pushed up prices!
