PEPE Price Retests Breakout Region: Could It Revert From Here?
Release: 2024/06/09 21:04 Reading: 882
- PEPE reached an all-time high (ATH) of $0.00001718, but profit-taking has since pulled it down.
- Sellers have emerged, pushing PEPE from its peak.
The frog-themed memecoin (PEPE) has erased some of its gains, dropping over 23% from its recent ATH of $0.00001718. Notably, it has retested its 50-day Exponential Moving Average (EMA), indicating significant profit-taking in recent sessions.
PEPE has reached its previous breakout zone and is poised for a potential pullback. Amidst an overnight market selloff, most altcoins have faced bearish pressure and lost substantial gains.
Despite the recent correction, buyers continue to accumulate PEPE, indicating an ongoing uptrend. Any significant correction towards $0.00001000 could present an opportunity for long-term entry.
At the time of writing, PEPE is trading at $0.00001229, down 4.36% intraday, reflecting a neutral sentiment on the charts. It has a monthly return rate of 43.20% and a yearly return rate of 987.27%, indicating an overall uptrend.
The PEPE/BTC pair is currently at 0.000000000178 BTC, and the market capitalization stands at $121.59 million. Analysts remain neutral and anticipate that PEPE's price could experience volatility and potentially decline further.
Investors Face Dilemma: Will PEPE Continue to Lose Gains?
Recent intense profit-taking at high levels has instilled fear among investors, leading them to secure their gains. Additionally, PEPE has retested its breakout zone, adding uncertainty to the charts.
If further selloff occurs and PEPE falls below $0.00001000, a deeper correction could ensue. On the other hand, a rebound from the 50-day EMA could result in a retest of the $0.00002200 resistance level.
According to a tweet from @Lookonchain, significant whale activity has been observed, with a whale purchasing PEPE worth $2.9 million in recent hours. Notably, the whale has purchased a total of 750.34 billion PEPE worth $8.34 million since March 16, at an average price of $0.00001111.
Trading volume has declined significantly, reflecting the uncertain price action and reduced trading activity. The trading volume has dropped by over 32.30% to $1.10 billion in the last 24 hours.
Momentum indicator (RSI) suggests a trend reversal, falling below the midline and indicating bearish divergence. Similarly, the Moving Average Convergence Divergence (MACD) indicator shows red bars on the histogram, signaling a bearish crossover.
Based on Fibonacci levels, PEPE has fallen below the 61.8% zone and could soon retest the 50% zone near $0.00001080.
PEPE Social Metrics Trend Negative
Social dominance data has declined by over 34% to 1.076% this week, indicating a decrease in user engagement on social media platforms.
Followers data has also witnessed a significant drop to 179, reflecting the negative outlook.
Additionally, active addresses have fallen to 3,533, a decrease of over 90% this week, revealing a decline in investor interest.
PEPE's immediate support levels are $0.00001120 and $0.00001000, while the key upside hurdle is around $0.00001430, followed by $0.00001680.
Conclusion
PEPE's price faces a potential pullback or continuation of its decline, leaving investors in a state of indecision. The memecoin is approaching its breakout region, and significant volatility can be expected in the near future.
Disclaimer
This article provides informational purposes only and does not offer financial, investment, or other advice. The author or any individual mentioned in this article bears no responsibility for any financial losses incurred as a result of investing or trading. Conduct thorough research before making any financial decisions.
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