PEPE shows recovery signs, could rise 30%
Key Takeaways
- PEPE could rise by 30% if it remains above the $0.00000765 mark.
- The memecoin is showing early signs of recovery after a recent decline.
- On-chain data suggests increasing interest and a potential trend reversal.
- A significant capital outflow of $6.50 million could indicate accumulation.
Recent Price Performance
PEPE has recorded a 1.50% increase in the last 24 hours, recently trading around $0.0000077. Despite this slight recovery, trading volume has dropped by 38%. This could indicate that traders and investors are acting more cautiously given the recent market developments.
Key Support and Resistance Levels
The $0.00000765 level has established itself as a crucial support level. Historical price movements show that multiple recoveries have occurred from this point. If PEPE remains above this level, a 30% increase to $0.0000105 could be possible.
Technical indicators such as the Average Directional Index (ADX) are currently at 35 and trending upwards. This suggests increasing price momentum, which could support a continuation of the uptrend.
On-Chain Data and Market Sentiment
According to the analytics platform Coinglass, long positions currently dominate the market. Traders have opened leveraged positions at $0.00000734 worth $2.90 million. Meanwhile, short positions worth $1.90 million have been placed at $0.00000788.
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Another bullish signal: Open Interest (OI), the total volume of open futures positions, has increased by 5%. This indicates that more market participants are betting on a positive price movement.
Capital Outflows and Accumulation
A capital outflow of $6.50 million in PEPE from exchanges could suggest that investors are accumulating the memecoin. Such outflows reduce the available supply in the market and can drive the price higher.
Our Assessment
Current technical and fundamental data suggest a possible upward movement for PEPE. The key factor will be whether the price stays above the $0.00000765 mark. If this happens, an increase to $0.0000105 could be realistic. However, trading volume remains low, indicating some caution among market participants. Investors in PEPE should closely monitor price movements and watch for further signals.
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