Over the past week, Pepe’s price has generally decreased, and the downward trend seems persistent. Based on technical analysis, it appears that the price of PEPE might still have some room to fall further. The total crypto market cap is currently 2.1% lower, but even with positive Bitcoin ETF inflows, the asset itself is dropping by 0.9%. The close relationship between PEPE and Ethereum could be influencing its current value as the Ethereum ETF saw negative netflows on August 15, leading to a 2.9% decrease in price. Will Pepe be able to withstand the intense selling pressure?
Good Exchange Netflows, Bad Pepe Price
PEPE’s behavior shows a blend of positive and negative signals in terms of its trading activity and exchange inflows. On August 15, there was a decrease in PEPE held on exchanges by approximately 1.44 trillion dollars ($10.89 million). Despite this reduction, the price of PEPE has still been falling, losing around 4% of its value over the past day and currently trading at $0.00000751.
Typically, when the reserve stock of a specific cryptocurrency decreases, it’s often seen as positive because it suggests that investors are choosing to keep and hold the digital coin for medium to long-term periods rather than exchanging it immediately.
One potential explanation for the varied observations might be that some investors moved their PEPE tokens to different trading platforms or decentralized exchanges to capitalize on a profit-making opportunity known as arbitrage.
According to Coinglass data analysis, the open interest (OI) for PEPE, along with its Cumulative Volume Delta (CVD), seems to be decreasing. This decline suggests that traders may be liquidating their long positions. Since the current funding rate (FR) stands in the negative territory, this could imply potential losses for those who are closing these positions.
As an analyst, I can say that a falling futures rate (FR) implies that the current PEPE Futures price is less than the spot price. This disparity suggests a growing number of traders are taking on short positions, indicating that the PEPE price might continue to decline.
Regardless of its high cost, PEPE continues to gain traction with approximately 430 new users daily for the past month, as indicated by CoinCarp’s data.
As a cryptocurrency analyst, I’ve noticed that not many digital coins apart from Bitcoin, Ethereum, and Solana have experienced such swift and stable growth in terms of user adoption. This trend is indeed an encouraging sign, suggesting potential bullish momentum for the PEPE price.
PEPE Wants to Revisit Yearly Lows
As a researcher delving into the technical analysis of PEPE, I observe that the overall trend remains predominantly downward. The recent rupture from a symmetrical triangle, marked by a significant red candle, strongly suggests a bearish breakout. This breakout serves as an indication that the downward trend is likely to persist.
The price of Pepe Coin is expected to find support near $0.00000680 – $0.00000700, which was its previous low. Despite the ongoing bearish trend, a rebound from this point could form a bullish double-bottom pattern, potentially propelling PEPE by approximately 105% to reach around $0.00001280.
Based on the Bollinger Bands and Chaikin Money Flow (CMF) analysis, it appears that the price of PEPE is experiencing overselling right now, as funds are exiting the asset. This trend supports the idea that the market outlook for PEPE may be bearish.
Based on the strong bearish breakout, it’s clear that the overall trend has been moving downwards. But if we consider the growing acceptance of the Pepe token, there could potentially be a shift in this trend. A rebound or test from the $0.00000650 support level might signal the completion of a bullish reversal pattern for PEPE price. If so, the next probable target would be $0.00001280.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD PHP PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD ZAR PREDICTION
- USD COP PREDICTION
- WELSH/USD
2024-08-16 10:56