Koreksi Harga PEPE Akan Berlanjut?
Release: 2024/08/15 19:24 Reading: 938
Correction of PEPE Price Continues
In the past 24 hours, the price of PEPE, a meme coin, has plummeted by 3.86 percent to $0.00000795, continuing a downward trend after a brief surge a few days ago.
The correction in PEPE's price is part of a broader decline in the global cryptocurrency market, with the Crypto Fear and Greed Index falling from 30 to 29 over the same period. Market capitalization has also decreased by 3 percent to $2.07 trillion, according to Coinmarketcap.
Market Sentiment:
The Crypto Fear and Greed Index measures market sentiment towards cryptocurrencies, ranging from extreme fear to extreme greed. It considers factors such as market volatility, trading volume, social media activity, and surveys to provide a comprehensive view of the market's mood.
The recent decline in the index indicates a slight shift towards increased fear. A lower index score typically signifies increased caution or anxiety among investors, potentially due to factors such as market volatility, negative news, or broader economic uncertainties impacting cryptocurrency prices.
Technical Analysis:
Redaksi Coingape's technical analysis suggests that PEPE's price is currently in a bearish zone, as indicated by a symmetrical triangle pattern. This pattern often provides signals of continued bearish pressure.
"The PEPE price correction is evident in the bearish trend, as shown by lower highs and lower lows forming a symmetrical triangle pattern. It is currently trading below the 50-day Exponential Moving Average (EMA) at $0.00000829 and the 200-day EMA at $0.00000961, reinforcing the bearish trend. The recent break below the triangle pattern suggests a potential continuation of the downtrend, with support for Pepe Coin expected around $0.00000700 and resistance at its previous low of $0.00000600," Coingape reported.
Whale Activity:
However, other data suggests a contrasting trend. On-chain analysis of blockchain transactions reveals increased whale activity for PEPE in the past 48 hours.
According to IntoTheBlock, large-holder (whale) inflows increased by 192 percent between August 13th and 14th, 2024, indicating bullish sentiment towards the asset amidst PEPE's price correction.
Conclusion:
While PEPE's price has been correcting, technical analysis suggests a potential continuation of the downtrend. However, increased whale activity and large orders on the order book indicate that large investors may be anticipating a potential bullish reversal. Further market developments will determine the future direction of PEPE's price.
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