Altcoin

Pepe Analysis: Is Now the Time to Hold or Sell on the Recent Rally?

Published

1 year ago

September 30, 2024

DCS Team

Credit : ambcrypto.com

Sturdy momentum and shopping for strain ought to finally push PEPE previous the July highs.
In/out cash information confirmed this resistance zone to be notably sturdy.

Pepe [PEPE] was one in all dozens of in style altcoins to emerge from months of consolidation and range-bound buying and selling. Since August, the third-largest meme coin has struggled to convincingly break the $0.000009 resistance.

A 58% enhance up to now two weeks, coupled with a bullish market construction break, will buoy PEPE holders. Ought to they take earnings and look forward to the following transfer, or ought to they maintain on ready for a sustained rally?

PEPE sees a small worth drop after practically three months of resistance

Supply: PEPE/USDT on TradingView

The weekly chart confirmed that if Sunday’s buying and selling session closes above $0.00000986, it might flip the weekly construction bullish. The every day construction was bullish and has been so since September 20.

The 78.6% Fibonacci degree was defended and the rally in direction of the June and July highs was a refreshing sight. A rejection from the zone $0.0000123-$0.000013 continues to be doable. Subsequently, swing merchants who’re already ready ought to contemplate taking at the least partial earnings.

The CMF stood at +0.27 to spotlight the heavy shopping for strain over the previous two weeks. PEPE transferring above the 50DMA was one other signal that long-term momentum was shifting bullishly.

The psychological resistance has been reversed

Supply: InTheBlok

The spherical variety of $0.00001 is a psychologically vital degree. On the time of writing, the meme coin was buying and selling above this degree and the excessive shopping for strain meant it was prone to convert right into a help zone.

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Learn Pepe’s [PEPE] Value forecast 2024-25

IntoTheBlock’s information reveals that the $0.000011-$0.000012 is a significant resistance zone. Many addresses purchased the token on this worth vary and a few may be tempted to promote after the shortage of bullish motion since June.

Disclaimer: The data offered doesn’t represent monetary recommendation, funding recommendation, buying and selling recommendation or every other type of recommendation and is solely the opinion of the author