Will PEPE become a 100x or 1000x coin? Is PEPE still suitable for layout?
Recently I saw a coin that is very popular, and many people are attracted by its get-rich-quick effect. It is "PEPE" in the Memecoin series.
The coins in the meme series belong to the Dogecoin and Shiba Inu coin in the last bull market. They are hype of consensus, but there is no practical application to support them, which is commonly known as altcoins.
But whether it is mainstream coins, sub-mainstream coins (supported by practical application value), or altcoins (pure hype to compete for consensus, get-rich-quick effect), you need to identify the market, buy at the relative bottom to minimize the risk, and identify the top to get out of it.
Next, let's see if PEPE is a risk or an opportunity after the correction in March and April?
After a long correction, the short volume of PEPE gradually shrank, and there was no more room for decline. Then the decline slowed down until October 23, 2023, when it broke through the neckline with large volume, starting an upward trend.
Although the market fell again after the large-volume breakthrough, it could not change the formation of the upward trend. The correction was only for a better rise.
Then on February 5, 2024, the market correction neckline showed a stop-fall signal, which opened a new round of rise, gradually increased in volume, and broke through the historical high. The bulls looked very strong.
However, the positive line closed on March 4, 2024 began to have some strangeness, because although it was still a large-volume rise and broke the previous high again, the amplitude of breaking the previous high was very small, and the positive line entity was much smaller than the previous one.
So it seems to be rising, but in fact it means that the bulls have encountered resistance. Then everyone saw that the market ushered in a round of correction. Although it has ushered in another rise in the past three weeks, we have to take a closer look at the volume. Compared with before, the volume is shrinking, indicating that the strength of the bulls has slowed down compared with before.
From the weekly chart, the conclusion that can be drawn is that the bulls have begun to lose strength, but there is no reversal signal yet, and further observation is needed.
