On August 5th Bitcoin’s (BTC) After falling to $ 48,800, Pepe (PEPE) visited the 78.6% Fibonacci retracement level, which is $ 0.0000068. Unlike its rivals who showed a stronger stance during this process, PEPE’s sharp decline made its investors nervous. In fact, it was reflected in the charts that some meme coins regained the price levels they had before the downward trend seen in the first week of August. However, this was not the case for PEPE.
PEPE Coin Comments
To PEPE The 3-day weighted sentiment indicator has started to take a positive look in the last few days. The situation mentioned revealed that social media interaction is increasingly moving in a positive direction. During the mentioned period, the inactive circulation also continued to move relatively horizontally. The rising average cryptocurrency age reflected the start of more accumulation last week. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The calm appearance of inactive circulation and the increasing average age of cryptocurrencies could be an important tool for PEPE’s recovery.
On the other hand, it was also seen that despite a similarly rising MCA indicator in July, the meme coin did not allow it to break out of the 0.000013 resistance zone again. The mentioned level is seen as serving as resistance after the appearance formed in the first week of June.
Will PEPE Rise Again?
PEPE’s The daily view showed an increase. In order for this view to be permanent, the price needs to close above $ 0.000009. There was also a sign on the MACD indicator that the downtrend was weakening, and a noticeable increase in OBV was also noticeable.
What created the greatest optimism for investors during this process was PEPE’s clear defense of the $0.00000678 level, which served as a significant Fibonacci retracement. This area was the clearest indication that the bulls had not yet given up, despite losing strength.
7 days retroactive examination When it was done, it was reflected on the charts that there was a high liquidation zone between $ 0.0000085 and $ 0.0000094. Although investors are already enjoying the upward movement today, a possible rise to the mentioned level could lead to a process that could result in a large amount of liquidation of short positions.
Therefore, in the near future, investors may see a price jump that could result in a process to sweep away this liquidity. In a scenario where the demand in the market is not reflected in OBV and other indicators, it may not be possible to talk about the permanence of the increase.
In the scenario where the upward trend continues in line with the market, PEPPE A view may emerge where the price surpasses $0.00001 again and a significant level may be reclaimed after August 5.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
