PEPE Fights Back Even As Bitcoin Wanes
Pepe [PEPE] traders likely benefited from the volatility of the past week, but this volatility has also been scarce over the past 24 hours. The momentum and volume indicators were at odds with one another.The price action chart suggested more losses were likely. With Bitcoin [BTC] demand drying up, PEPE bulls might struggle to keep prices afloat. PEPE has a bearish market structure on the 4-hour and 6-hour timeframes. The long-term trend was bullish, and the retracement we are witnessing now is part of the internal structure within that uptrend. The Funding Rate was slightly positive, but this does not indicate long positions were favorable. The Open Interest has been stagnant since the 14th, and the aggregated liquidations were still over the past 24 hours too.
Together they indicated bearish sentiment and feat in the market. Unless Bitcoin and PEPE can establish an uptrend, the speculators would likely remain sidelined.
