As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored the recent bearish trend that swept through the market this week, causing Bitcoin to plummet below $70,000 and dragging down altcoins like PEPE. The intense selling pressure at the $70,000 level has halted any potential recovery in the altcoin market, including PEPE.
1. Kickstarting the fresh workweek, the cryptocurrency sector displayed a bearish inclination as Bitcoin plummeted to $66,700 on Monday. The Bitcoin price experienced significant selling pressure around the $70,000 mark, halting the positive momentum in the altcoin market that had been building up since last week. In this downturn, the Pepe coin suffered an intraday decline of 1%, reaching $0.0000116, further confirming its breakout from the reversed head and shoulder pattern it started earlier.
77% of PEPE Coin Holders in Profit: Is a Major Price Breakout Imminent?
Although the wider cryptocurrency market has rebounded, the meme coin PEPE with a Frog theme has exhibited a lackluster performance over the previous two weeks. Its price oscillates between green and red candles on the daily chart, indicating uncertainty as neither buyers nor sellers have taken a decisive stance to influence its direction.
The daily RSI slope wavering at 50% accentuates a neutral sentiment among market participants.
1. Analysis of the technical chart reveals that the current consolidation period is actually an accumulation phase, leading to an inverted head-and-shoulder breakout. This bullish reversal pattern often appears at market lows and signals a significant shift in market sentiment, as it indicates a new high-low formation.
1. At present, PEPE coin is trading at $0.0000116, with a market capitalization of $4.88 billion. If there’s a potential breakthrough above the resistance level of the neckline, it could indicate a major shift and offer robust backing to buyers for additional gains.
Based on the chart’s dynamics, the post-breakout surge could potentially lift the asset up by around 40%, reaching a potential new peak of $0.000018.
As someone who has spent countless hours analyzing and trading various cryptocurrencies, I can confidently say that the Global In/Out of the Money (GIOM) metric for Pepe Coin is a promising sign for investors. With an overwhelming majority of 77% of PEPE coin addresses showing profits, it appears that the vast majority of investors have made successful investments in this digital asset. Conversely, only 11% are currently incurring losses, which suggests that the majority of investors are not likely to panic sell due to fear of losing their initial investment. This distribution indicates a potential for price stability, as most investors are in a position where they can afford to hold onto their investments and wait for further gains. Overall, I believe that the current GIOM metric for Pepe Coin presents an optimistic outlook for both new and experienced cryptocurrency investors alike.
As a researcher delving into the intricacies of the PEPE cryptocurrency market, I’ve discovered that roughly 35,230 addresses have amassed approximately 56.5 trillion PEPE coins at prices ranging from $0.0000110 to $0.0000130, a point where they are currently break-even. If the Inverse Head and Shoulders (H&S) pattern were to undergo a potential breakout, these holders would be catapulted into profit territory. Furthermore, the tiny red spheres on the GIOM chart suggest that PEPE encounters minimal resistance as it strives to reach its all-time high.
If the moving averages of the 50D and 100D on the chart hover around $0.0000108, this region becomes a significant buying area for investors. A potential sell-off beneath this support could weaken the bullish outlook, leading to a possible 12% drop and reaching the ascending trendline from April 2024.
Defending this support is crucial for buyers, as a further breach could lead to a major correction.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- GLMR PREDICTION. GLMR cryptocurrency
2024-07-30 17:32