PEPE Buy the Dip? Experts Share Bullish Insights and Data
Release: 2024/10/18 22:29 Reading: 454
The well-liked meme coin Pepe (PEPE) is preparing for an impressive rally, supported by positive signals from crypto experts and its on-chain metrics. During this ongoing recovery, a crypto expert posted on X (formerly Twitter) that PEPE's current price is approaching an opportunity to "buy the dip," as it is close to the 50% Fibonacci retracement level.
"Buy the Dip" Opportunity for PEPE
This post on X has drawn significant attention from crypto enthusiasts. At the time of writing, PEPE trades near $0.00001039, up over 3.5% in the past 24 hours. During this period, its trading volume increased by 12%, indicating more active participation by traders and investors.
PEPE Technical Analysis and Upcoming Levels
Technical analysis suggests PEPE has a bullish outlook and is poised for an upswing. If PEPE rises and closes above $0.000011, it has a strong potential to reach $0.0000134, a 22% gain.
Source: Trading View
Currently, PEPE trades above the 200-day Exponential Moving Average (EMA), indicating an uptrend. Its Relative Strength Index (RSI) also suggests a potential rally, as its value is currently in oversold territory.
PEPE's Positive On-Chain Metrics
On-chain metrics reinforce PEPE's positive outlook. According to Coinglass, PEPE's Long/Short ratio is 1.026, indicating bullish sentiment. Its future open interest has increased by 5.1% in 24 hours, reflecting heightened interest from investors and traders.
Source: Coinglass
The broader crypto meme sector is also showing strength, with meme coins like Popcat (POPCAT), Dogecoin (DOGE), and Floki (FLOKI) experiencing notable gains in the past 24 hours.
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