PEPE Coin Price Shows Bullish Trends, Potential for Massive 68% Uptrend
Pepe Coin has faced resistance in its price due to conflicting investor behaviour, with bearish traders and bullish long-term investors leading to a stagnation in the market. Despite being listed for free on the upcoming HashKey exchange in Hong Kong, Pepe Coin has struggled to gain momentum, hovering around $0.00000785 during the London trading session, representing a modest 1.3% uptick over 24 hours.
PEPE Big Investors and Traders
The current impasse in Pepe Coin’s price can be attributed to a tug of war between large holders and retail traders. While whales are accumulating PEPE in anticipation of a price increase, retail traders are exhibiting bearish sentiment, as indicated by data from Coinglass.
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Analysis from the PEPE Crypto Derivatives Visualizer suggests that traders are closing their short positions in profit, yet there is a decline in open interest and cumulative volume delta (CVD), signalling a lack of new long positions being established. This pattern, along with increased whale activity, has implications for the future price direction of PEPE.
Overview of Santiment Data
According to data from Santiment, there has been a surge in whale activity over the last 48 hours, reflected in increased transactions from large holders with more than $5 million worth of PEPE. Additionally, there has been a rise in new users entering the PEPE market, as seen from the increase in active addresses.
PEPE Race to $0.00000836
A technical analysis of Pepe Coin’s price chart suggests that it is currently in a descending wedge pattern, which could potentially signal a reversal in trend if the price breaks above the wedge’s resistance. The resistance at $0.00000836 presents a significant hurdle, as surpassing this level could lead to a double bottom reversal pattern, propelling the price up by 68% to $0.00001200, potentially setting the stage for further gains to $0.00001800.
From a technical standpoint, the Stochastic RSI indicator points to an overbought condition, which could result in short-term selling pressure or a temporary pullback. Notably, the failure to break and hold above the resistance level may lead to a further downturn in price, potentially invalidating the current bullish outlook for PEPE.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
