An increase in the price of PEPE is a good sign, but several conditions are necessary for further positive development. Unfortunately, now the situation with this coin is not as we would like.
One important factor is the relative strength index (RSI). This is a momentum oscillator that measures how quickly the price is changing. It is typically used to determine whether an asset is overbought or oversold in the market. RSI can range from 0 to 100, with values above 70 indicating overbought and below 30 indicating oversold.
Despite the slight increase, the RSI for PEPE is still below the neutral line at 50.0. This could be a sign that the coin has potential for further growth. However, until then, the chances of a drawdown for PEPE remain high.
In addition, there is another factor that can affect the price of a coin - the profit of investors. Looking at active addresses, we see that about 26% of participating investors are making a profit. This is not a good sign, since profit investors usually sell their assets. Their concentration above 25% confirms this.
PEPE price is currently at $0.00001157, just slightly above the support line at $0.00001146. Until last week, the coin hovered below this line and almost dropped below $0.00001007. This level has been tested before and provides strong support and resistance.
Therefore, PEPE needs to maintain its presence above this line to have any chance of regaining the profits it recently lost. However, if support is lost, a massive drawdown is likely. The coin could fall significantly, testing the support at $0.00000775, which would refute the bullish thesis and increase losses.
In the near future we will publish long-term forecasts for top altcoins that have the potential for multiple growth! You can subscribe to the blog so you don't miss any reviews!
