SNEAK PEEK
- Bears overpower the PEPE market, fueling downward pressure.
- Market activity drops as PEPE faces selling pressure.
- Negative momentum persists, signaling potential buying opportunities.
Bears took control of the pepe (PEPE) market despite attempts by bulls to maintain control, sending prices from an intraday high of $0.000009468 to an intraday low of $0.000008563. The current market sentiment is pessimistic, and if the bears remain in charge, there may be more downward pressure on the price of PEPE. However, if the bulls can restore control, we might see a potential price reversal.
An address that has realized a profit of 596 $ETH($1.12M) on $PEPE spent 69 $ETH ($121K) to buy 128B $PEPE yesterday.
Address”0xe8c5″ spent 0.47 $ETH($987) to buy 571B $PEPE on Apr 15, and sold 392.5B $PEPE for 597 $ETH ($1.12M).
Realized a profit of 596 $ETH(1270x in gains). pic.twitter.com/oDybFkvvbi
— Lookonchain (@lookonchain) June 12, 2023
As of the time of writing, PEPE’s price had fallen by 5.50% to 0.000008816 due to ongoing bearish pressure. Investors who stand to gain from the price increase and who are cashing out on their gains as a result of this decrease are what are putting more selling pressure on PEPE.
PEPE’s market capitalization and 24-hour trading volume decreased by 5.53% and 30.60% to $345,392,778 and $114,735,098, respectively. These figures show a significant drop in market activity and investor confidence. It’s still unclear how the trend will develop or when a rebound will occur.
The Fisher Transform has a value of -1.81 on the PEPE 2-hour price chart, which is below its signal line and in the negative territory. This action indicates that there is more selling pressure than buying pressure. Therefore traders may consider going short or delaying the establishment of long positions until there is a potential trend reversal.
With a Rate of Change (ROC) value of -4.40, the PEPE market has strong negative momentum that might lead to more drops if price movement breaches crucial support levels. Conversely, if the ROC rating strengthens and enters the positive range, it may signal potential buying opportunities and a change in momentum for traders.
The Chande Momentum Oscillator (ChandeMO), which has a line pointing south and a value of -27.27, displays a solid downward momentum on the PEPE market. This negative trend shows sellers may have a minor advantage over buyers in the PEPE market, which could lead to a lower price trend.
According to the Relative Strength Index (RSI) value of 35.95 and movement below the signal line, PEPE is currently downtrend. Investors who believe PEPE is undervalued and that a price increase is likely to occur soon might want to consider buying now because this implies a possible buying opportunity.
In conclusion, Bears maintain control in the PEPE market, causing downward pressure, while bulls struggle to regain momentum. Uncertainty lingers as investors eye potential buying opportunities amidst negative trends.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions
