PEPE Shows Signs of Weakness Following a 97% Rally
Release: 2024/10/01 20:44 Reading: 904
- Original author：Crypto News Land
- Original source：https://cryptonewsland.com/?p=183425
PEPE Corrects After 97% Rally, Overbought Signals Emerge
October 1, 2024
Key Points:
- PEPE has retreated slightly after a 97% rally.
- RSI and elevated funding rates indicate potential correction.
- Bears are monitoring $0.000010 and $0.0000094 support levels.
Meme coin PEPE has shown signs of exhaustion after a rapid rally. Its recent surge was driven by growing optimism about central bank easing, but traders are cautious about overbought signals.
Overbought Indicators Flash
PEPE's 14-day Relative Strength Index (RSI) exceeded 77 on Saturday, suggesting overbought conditions. Despite a recent dip below 70, historical data indicates that such spikes have often been followed by price declines.
Elevated funding rates since mid-September also raise concerns, typically signaling a potential rally peak.
Correction Targets
Bears are eyeing a potential price drop to $0.000010, with further retracements to $0.0000094 if momentum weakens. The next support level is at $0.0000080.
Buying Opportunity or Precaution?
While the dip in PEPE's price may present a buying opportunity, traders should consider the broader macroeconomic context. If upcoming US economic data eases recession fears, the Federal Reserve may consider interest rate cuts. This could support a resurgence in risk assets, including PEPE.
However, prevailing overbought signals warrant caution in the near term.
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