PEPE

PEPE Bullish Trend Line Under Threat: $0.00000766 Level On Sight?

Published

2 months ago

August 2, 2024

PEPE, one of the top meme coins in the crypto space, is currently at a crucial point as it approaches its long-standing bullish trend line. As the price draws near the bullish trend line, a break below it could signal a major shift in market sentiment, triggering a price draw down to the $0.00000766 mark.

This article provides an in-depth analysis of the current price action, focusing on the bullish trend line. It examines whether a potential break below this line could drive the price to the critical support level at $0.00000766 or if a potential reversal is on the horizon.

As of the time of writing, PEPE’s price has dropped by 5.10%, trading at approximately $0.00001005 in the past 24 hours. PEPE boasts a market capitalization exceeding $4.2 billion and a trading volume surpassing $821 million. The asset’s market cap has decreased by 5.32%, while its trading volume has increased by 35.01% in the past 24 hours.

Technical Analysis: Current Market Sentiment For PEPE

On the 4-hour chart, PEPE has demonstrated significant bearish momentum, with the price dropping below the 100-day Simple Moving Average (SMA) and the $0.00001152 support mark, signaling a potential bearish move toward the bullish trend line. A successful breach below this trend line could signal the start of a bearish trend for the cryptocurrency, potentially driving the price down to the next key support level at $0.00000766.

Additionally, on the 4-hour chart, the Relative Strength Index (RSI) signal line has dropped below 50% and is approaching 30%, which is considered the oversold zone. This movement indicates increasing bearish momentum and suggests that selling pressure is intensifying.

Technical analysis on the 1-day chart reveals that, following the rejection at $0.00001313, PEPE has been on a bearish trajectory toward the bullish trend line, marked by the formation of multiple bearish candlesticks. Furthermore, the crypto asset’s price is trading below the 100-day SMA, suggesting a bearish market sentiment.

The signal line of the 1-day RSI indicator has recently dropped below 50% and is moving toward the oversold zone, suggesting that the digital asset may continue its bearish trajectory below the 100-day SMA toward the bullish trend line.

Navigating Potential Breakdowns And Bounces At The Trend Line

PEPE is currently on a bearish path while approaching its long-standing bullish trend line. A successful break below this trend line could indicate the beginning of a bearish trend, potentially driving the asset toward the $0.00000766 support level and beyond.

However, if PEPE bounces back at the bullish trend line, it could retrace towards its previous high of $0.00001152. Should the crypto asset break above this level, it could signal a further upward movement, possibly targeting the $0.00001313 resistance range and other higher levels.

Featured image from iStock, chart from Tradingview.com

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Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?

Published

9 hours ago

September 19, 2024

admin

A crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings amid the recent price surge in the market. The digital asset market notched increased sentiments following interest rate cuts by the Federal Reserve. However, some users point to profit taking which can reduce the projected uphill movement.

PEPE Whale Dumps Assets

A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively.

According to crypto analysts, the trader suffered losses at some point to due price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the wider market faced a slight correction. Following the Federal Reserve’s decision to slash policy rates by 50 BPS on Sept 18, prices of crypto assets surged leading to traders looking to make a profit.

Generally, whale movements send a bearish signal to the market due to their total number of holdings with smaller traders moving in the same direction. Recently, the market has seen similar movements from traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million worth of ETH sparking negative pressure.

What’s Next For The Assets?

The crypto market is soaring off the Fed’s decision to cut interest rates. Several traditional investors projected growth in the market after the September rate cuts as funds flow to risky assets. At press time, the total market cap is up 6% with the market cap hitting $2.1 trillion. In the last 24 hours, PEPE surged 13%, alongside other meme coins.

FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators point to increased gains in the price of crypto assets as macro factors flip positive.