PEPE Coin Price Is Set For A Bullish Breakout As Volatility Hits 4-Month High: Here’s The Next Resistance
Release: 2023/11/07 22:54 Reading: 354
The post PEPE Coin Price Is Set For A Bullish Breakout As Volatility Hits 4-Month High: Here’s The Next Resistance appeared first on Coinpedia Fintech News
Despite the significant accumulation taking place in the Bitcoin and altcoin markets, the memecoin sector has not yet embraced this trend. The popular memecoin, Pepe, is currently facing downward pressure at its resistance levels, and important on-chain indicators suggest a dominance of sell-offs. However, with the volatility of Pepe coin reaching a four-month high, there is growing anticipation of increased buying demand in the near future.
Pepe’s Volatility Holds Strong Despite Drop In Active Address
Pepe coin, despite experiencing a significant 60% surge in October, has failed to sustain its momentum in November due to encountering various points of resistance. As a result, the price of Pepe coin has only witnessed a minimal increase of less than 1% during the first week of the month, signaling a slowdown in the memecoin rally.
The current bearish trend could be attributed to the significant decrease in the number of active addresses. IntoTheBlock's recent data shows that the active Pepe addresses have been declining steadily in the past week. The number of active addresses per day has dropped from its highest point of 3,700 to a mere 2,020. This decline in active addresses suggests that investors might be selling their Pepe holdings to invest in other popular alternative coins. This shift in investment could be a result of Pepe's failure to meet the bullish expectations.
Additionally, traders' sentiment is increasingly leaning towards bearish positions, evident from the decline in the long/short ratio. The indicator has dipped to a low of 0.7021, with short positions making up over 58% of the market, indicating a prevailing inclination to bet against the coin. However, the bullish stance persists, with 42% of positions maintaining long positions and upholding resistance.
In these circumstances, the volatility of Pepe coin has surged to a four-month high of 172%, creating the potential for significant fluctuations. If buyers make substantial purchases at a low point, there is a possibility for the price of Pepe to exceed the resistance levels by the end of the month.
What’s Next For PEPE Price?
Pepe's price experienced a bounce back from a critical support level of $0.00000102, but there is a struggle for buyers to sustain the upward movement. Consequently, Pepe's price is still being rejected whenever it approaches $0.00000123. At present, the price of Pepe stands at $0.00000115, showcasing a decline of more than 1% within the past 24 hours.
Sellers will try to take advantage of the recent rejection in order to drive PEPE's price below the EMA200 mark on the hourly price chart. If they are successful, the memecoin could decline towards the breakout point of $0.00000088, where a strong battle is anticipated between buyers and sellers.
If Pepe's price rebound pattern's support line holds, it is possible that buyers will attempt to surpass the $0.00000148 barrier and face significant resistance at $0.00000188. Conversely, if the price drops below $0.00000088, the memecoin could potentially decline further towards $0.0000006, leading to an extended period of consolidation.
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