PEPE prices rose slightly, has the market trend changed quietly?
After a pullback, PEPE once again ushered in a key test of its short-term upward trend support. At this moment, we are at a crossroads that determines the short-term fate of Pepecoin, and we are closely watching the demand trend of the market at this key level.
Although Pepecoin has struggled to maintain the strong upward momentum in September in the past two weeks, we cannot ignore that its inherent willingness to rebound seems to be quietly working. It has just re-touched the short-term upward support line that is closely linked to its performance in September, as if announcing to the market: I still have potential.
The recent pullback has pushed PEPE to the RSI50% level, a key area that seems to be brewing some kind of turning point. The RSI indicator subtly hints at a potential turning point at this moment, and has always maintained a posture slightly above this area, which is undoubtedly a strong proof that the bullish momentum still exists.
PEPE's current situation is undoubtedly crucial, and whether it can gather enough market demand will be a key factor in determining its future direction. If demand can grow steadily, then Pepecoin may have more upside space; on the contrary, if the short-selling forces take the opportunity to launch a fierce attack, coupled with weak market demand, then further price decline may be inevitable.
When evaluating the demand situation of PEPE, we first turned our attention to whale activities, after all, they often have a significant impact on price trends. Judging from the flow data of large holders, the activities of whales have indeed shown a downward trend since the beginning of October. In particular, the latest data on October 9 showed that although the large holders' addresses received 2.96 trillion PEPE, the amount transferred out was as high as 3.17 trillion PEPE, and the outflow was slightly dominant.
However, in the past 24 hours, with the slight increase in prices, this situation may have changed subtly.
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