Can Pepe Return to Its June Highs? Charts Suggest
Journalist
- Bullish trend continues as 59% of investors see gains.
PEPE’s market has been showing strong bullish momentum over the past day, paving the way for a potential rally.The market has been rather bullish over the past 24 hours. PEPE investors had better news as the memecoin price consolidated within a pattern.
Positive Movement for PEPE
Data from CoinMarketCap showed that PEPE price rose more than 3% over the past 24 hours after a week of slow movement. The memecoin, which was the 24th most valuable cryptocurrency at the time of writing, was trading for $0.000008678 and had a market cap of more than $3.6 billion.
Only 167.4k PEPE addresses were profitable, accounting for 59%.
AskFX also noted that PEPE’s chart displayed a descending channel pattern with recent consolidation within it.
If market sentiment remains positive and continues to rise, analysts predict that PE might test its June highs once again.
Possible Market Trends
Santiment data shows declining trading volume amidst rising prices, indicating potential negative developments in the near future.
After experiencing significant growth, recent indicators show declining bullish sentiment and open interest in Memecoin.
Data from Coinglass suggests a decline in long positions relative to short ones depicting growing caution in investor sentiment towards Memecoin.
Additionally, technical analysis points towards potential quieter days ahead for PEPEGrowth prospects are evident according to MACD.
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