PEPE price hovers at a critical point, and market trends are affected by multiple factors
PEPE is currently trading around 0.000011, and the previous price was close to breaking below the psychological support level of 0.000010, which attracted widespread attention in the market. According to the assessment of the Global Inflow and Outflow Funds (GIOM) indicator, PEPE is currently at a critical position, and its price movement will depend on the behavior of profitable and losing holders.
According to the GIOM indicator, 18,730 addresses purchased 31.60 trillion PEPE at the highest price of PEPE at 0.000010, and these holders are in a profitable state at the current price. At the same time, there are 13,340 addresses that have accumulated 37.07 trillion tokens in the price range of 0.0000013 and are currently in a loss. Although loss-making holders may bring selling pressure, considering that the number of profitable addresses is greater than that of loss-making addresses, if profitable holders choose not to sell, the price of PEPE may be able to remain above $0.000010. However, once profit-taking increases, the price of PEPE may face downward pressure.
PEPE prices have been unable to rebound, and part of the reason may have to do with a big sell-off on June 15th. One trader dumped 1.14 billion PEPE worth $1.27 million, which had a significant impact on the market. In the current situation, traders need to pay close attention to their entry timing. Price DAA divergence analysis shows that although PEPE’s network active addresses are increasing, which is a potential buy signal, there is still uncertainty in the market.
Looking at the daily chart of PEPE/USD, the market structure appears to be forming a double bottom, which is a reversal pattern in technical analysis that may indicate a trend reversal. To form a double bottom and trigger a rebound, the PEPE price may need to fall further to 0.0000096. However, the realization of this prediction also requires sufficient buying support. Currently, the relative strength index (RSI) is in a declining state, below the neutral point of 50.00, which shows that the momentum of the market is bearish. Therefore, although the PEPE price may fall to 0.0000096 briefly, in the long run, the coin still has the potential to rebound to $0.000014.
Traders need to pay close attention to volatility in the market when developing strategies. In particular, if the price of Bitcoin (BTC) falls below the level of June 17, this may further affect the price of PEPE, causing it to fall to $0.0000079. Therefore, when making trading decisions, traders should consider multiple factors to develop a more reasonable strategy.
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