PEPE is currently trading at $0.00000881. However, a significant rise above $0.00001000 is possible. It will be especially useful for investors to follow the $0.00000775 support. This process could be beneficial for investors as profits remain in limbo due to the consolidation of the popular memecoin.
According to Global Money In/Out (GIOM) data, approximately 70 trillion PEPE worth over $617 million was received in the range of $0.00000800 to $0.00000990. However, this supply will become profitable once the PEPE price secures $0.00001000 as the support level.
However, although profits are quite high, the Relative Strength Index (RSI) shows that demand is not very high at the moment. The bullish momentum on the RSI appears weak, indicating that buying interest is not strong enough to sustain the price increase. Weak RSI momentum can be said to indicate that the asset may have difficulty gaining further value and may face resistance in the uptrend.
Additionally, the market is currently under selling pressure. This selling pressure weakens buying and causes prices to move downward. The dominance of sellers is an important factor contributing to the weakening of the RSI level and the overall bearish outlook for PEPE.
PEPE price can escape consolidation by converting $0.00001000 into the support level only when demand is high. However, since current market signals are weak, the recovery process may take longer. This can keep profits away from investors and prevent green candlesticks from forming consistently.
This process may cause PEPE to rise up to 0.00001146 dollars. On the other hand, a decline to $0.00000775 would mean that the memecoin project will remain consolidated, which could invalidate the bullish thesis. This could increase the risk of further declines for memecoin.
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I EXPLAIN IN DETAIL.
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