- PEPE maintained a long-term bullish construction, however has a short-term bearish construction.
- Momentum and quantity indicators confirmed {that a} bullish reversal was underway.
Pepe (PEPE) maintained a bullish market construction on the upper timeframe charts. It has not fallen right into a key demand zone the place costs consolidated throughout the early March rally.
The latest worth rally additionally boosted market sentiment.
A latest AMBCrypto Report highlighted the provision drop in income as costs fell, together with a drop in buying and selling exercise.
Worthwhile addresses had been nonetheless in a wholesome quantity – will this trigger costs to get better or ought to traders put together for an prolonged consolidation part?
The consolidation and reversal within the 61.8% retracement.
Supply: PEPE/USDT on TradingView
PEPE has made features of 34.9% for the reason that April 19 lows. This bounce additionally took costs above the low of $0.00000581.
Whereas the $0.000006-$0.000007 area is a resistance, the bulls have some energy to show it into assist.
For starters, regardless of the month-long bearish development in OBV, it has began to make larger lows previously week. It wasn’t a lot, nevertheless it was an excellent begin.
One other issue was that the RSI on the 12-hour chart rose above the impartial 50 degree, giving an early signal of bullish momentum.
The market construction with decrease time frames comparable to 4 hours or much less was nonetheless bearish. Nevertheless, defending the 61.8% Fibonacci retracement degree at $0.00000481 final week was an encouraging improvement.
If OBV can rise again above the drawn dotted line, it could be one other early signal of bullish momentum.
The following magnetic zone for PEPE costs
$0.000006-$0.000007 was a resistance zone each from a technical perspective and from the liquidation warmth map.
Is your pockets inexperienced? Overview the PEPE Profit Calculator
The $0.0000065 group of settlement ranges was about to be swept, which may push costs larger.
The following areas of curiosity are at $0.000004 and $0.0000084. If PEPE fails to interrupt its short-term bearish construction quickly, merchants could must be ready for one more transfer decrease.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling or different recommendation and is solely the opinion of the creator.
That is an computerized translation of our English model.
