🚀🚀🚀 $PEPE Price increased by 23% today: Why is it a bull trap?
Pepe (PEPE) Price Analysis: Recent Trend and Future Outlook
Price fluctuations:
- Pepe (PEPE) has gained 24% in the past 24 hours, recovering along with the overall market rally. However, the price is still down 34% over the past week, after falling 51% amid the recent #bitcoin☀️ crash.
Technical analysis:
- Descending Channel: PEPE price has been confined within the descending channel, recently bouncing off the lower boundary. This recovery suggests a possible short-term reversal.
- Resistance & Support: Major resistance levels are around $0.00000767 (50-day EMA) and $0.00001027 (200-day EMA). Support is near $0.000006.
- Indicators:#RSIat 32.66 is close to oversold levels, suggesting a short-term recovery. CMF at -0.19 indicates negative money flow, although the recent increase may signal easing selling pressure.
Bullish scenario:
- A break above the 50-day and 200-day EMA could signal a change in market strength, with a potential rise to $0.000012, a 50% increase from current levels.
Market psychology:
- Open Interest: Coinalyze reported a 4.86% increase in open interest, indicating growing investor interest.
- Trading Volume: CoinGecko shows a slight 1% increase in daily trading volume, in line with the recent recovery.
Conclude:
While PEPE’s recent recovery suggests a potential short-term reversal, the overall trend remains bearish. A confirmed breakout above the 200-day EMA is needed for a clearer change before considering long positions.
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"Another trap!!! Is it really as true as you think" :)))
