As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of meme coins and their erratic price movements. The current situation with Pepe Coin is intriguing, to say the least. On one hand, we have a strong technical outlook that suggests the price could potentially rise by another 15%. On the other hand, futures traders seem to be betting against it.
The cost of Pepe Coin remains steady even after a 14% increase during the brief market rebound on August 20th. After this upward trend, PEPE temporarily retreated to a stable point, suggesting it could bounce back and possibly rise another 15%. However, despite this positive forecast, traders’ futures data suggests they are mainly betting against the meme coin. Over the last day, PEPE’s price has decreased slightly by 0.6%, resting on a crucial support level. The main issue now is whether Pepe Coin’s price will increase once more and challenge these pessimistic predictions.
Futures Traders are Pushing Pepe Coin Price Down
Although Pepe ranks third among meme coins on Ethereum in terms of holder numbers, it’s finding it hard to persuade traders that it’s a smart investment choice. Data from Coinglass indicates that the PEPE funding rate fell from 0.01% to 0.004% within the past day. However, the asset’s price has generally held steady, losing only 0.2% of its value. This inconsistency implies that futures traders are betting against PEPE.
Moreover, the running total change (delta) of PEPE‘s volume has decreased by 2.64% during the past 24 hours. Simultaneously, the Open Interest (OI) also fell by 10.13%. A decrease in both OI and CVD suggests that long positions are being closed, which could lead to losses. When long positions are liquidated, traders often opt for short positions, a bearish signal for the Pepe Coin’s price.
Despite the bearish sentiment from traders, the Pepe Coin chart shows an optimistic future for the meme coin.
PEPE Price Determined to Collect That 15%
The behavior of Pepe coin suggests it might trace a modest, upward-sloping parabola, potentially propelling it beyond a significant barrier in its path.
It’s expected that the PEPE price might face resistance near approximately $0.00000900, as this level has shown past resistance to buying. If it manages to break through this, a larger potential resistance area can be found around $0.00001150. If it reaches this point, there could be stronger selling activity.
In simpler terms, the current trading price is higher than both the 21 Exponential Moving Average (EMA) and the 50 EMA, suggesting a temporary increase in buying activity, or bullish movement in the short term. Additionally, these EMA lines are trending upward, which could suggest that the price may continue to rise further.
current Relative Strength Index (RSI) stands at 55.22, suggesting a neutral stance with a slight tilt toward bullish markets. This implies that the price may still climb further before approaching overbought zones.
If the Pepe coin’s cost remains above its present support level of $0.00000775, it might indicate the commencement of a more robust upward movement, and the potential next aim could be $0.00000900.
If Pepe’s price doesn’t keep rising above 0.00000775, it might be wise to sell and reconsider your position, as this could signal a potential drop or continued stagnation. The support level for PEPE may lie lower around $0.00000720.
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2024-08-21 11:17