15% PEPE Coin Price Rally Under Threat From Futures Traders
Release: 2024/08/21 16:09 Reading: 304
Pepe Coin Primed for Rally Amidst Mixed Market Sentiment
Despite a recent surge of 14% during the brief market upturn on August 20th, Pepe Coin's price has modestly retreated to a support zone. However, analysts anticipate a rebound with the potential for a further 15% gain.
Futures Traders Express Doubt
Despite being the third most popular meme coin on Ethereum by holder count, Pepe Coin faces skepticism from futures traders. Coinglass data reveals a decline in the PEPE funding rate, suggesting that traders are mostly betting against the coin.
Technical Indicators Paint a Bullish Picture
In contrast to the bearish sentiment from futures traders, technical analysis indicates a positive outlook for Pepe Coin. Its price action suggests a potential upward parabolic curve that could propel it above key resistance levels. Currently, PEPE trades above both the 21 EMA and 50 EMA, showcasing short-term bullish momentum. The upward curl of the EMAs further supports the potential for continued growth.
RSI Indicates Neutral Conditions
The RSI stands at 55.22, indicating neutral conditions but with a slight bullish bias. This suggests that there is scope for further price appreciation before reaching overbought levels. If Pepe Coin sustains above its current support of $0.00000775, it may signal the start of a stronger uptrend, targeting $0.00000900.
Conclusion
Despite the mixed sentiment from traders, technical indicators suggest an optimistic future for Pepe Coin. While futures traders are betting against the coin, the chart patterns and moving averages indicate a potential rally. If Pepe Coin holds above its current support, it could potentially surge by 15%. However, if it fails to maintain this level, traders may need to reassess their positions.
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