Pepe Price Analysis: PEPE Derivatives See 200% Volume Surge, Bullish Signs?

Pepe Price Analysis

Amid the crypto market sell-off, Pepe's (PEPE) price has been in a negative trend after being unable to break the resistance level at $0.00001449. Consequently, PEPE dipped to an intra-day low of $0.00001165 before finding support. If the bulls reclaim control of the market, the next resistance levels to watch would be $0.000014000 and $0.000016000, respectively. However, a bearish breakout would be a retest of the intra-day support level. 

PEPE was trading at $0.00001311 at the time of writing, a 9.4% decline in the last day.

Accompanying this downtrend, PEPE’s market cap declined by 9.33% to $5,522,050,107 while the 24-hour trading volume rose by 123% to $1,966,755,000, with traders accumulating PEPE amidst the price correction.

Pepe Chart

In this phase of slump, Nascent purchased 447.67 billion PEPE for $5.85M to wait for possible market improvement. Therefore, PEPE holdings in the Nascent portfolio have occupied the first place with a profit of $262k already earned.

PEPE’s weighted sentiment has turned neutral which is not a good sign, and the network growth rate has slowed down, also a bad sign which could mean that the bear market will continue. In addition, social dominance has returned to its lows, which is great for a possible future pump. Moreover, the total number of holders has increased, which also points to bullish momentum.

Pepe Derivatives Data Analysis

The volume has surged by over 200% on the PEPE derivatives data, indicating a very strong interest. The open interest, however, has declined by 22%, indicating a decrease in the number of open contracts despite the trading surge. This trend is a bearish signal, pointing to traders taking profits or cutting losses.

On the contrary, according to Coinglass, the data shows that in the short term, short positions ($25.22K) experience more losses than long positions ($2.64K).

The 1-day price chart shows the RSI has crossed below the signal line to the down side which is a bearish indicator. But since the rating is above 50, there is a possibility of a bullish reversal particularly with the increase in trading volume.

Pepe Chart

The MACD equally plots below the signal line; this means that bears are in control as evidenced by the bearish crossover. Therefore, it is important for the traders to prepare themselves for the said trend to persist in the negative direction. Also, the selling pressure is also on the rise with the histogram in the negative zone followed by further price decline.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

Related Stories

No stories found.
Analytics Insight