Pepe saw a decline in active addresses and trading volume in recent days, and the liquidity chart showed a price dip could be imminent.
The Open Interest chart showed that speculators were eager to go long, seeking profits from the PEPE move and showing bullish sentiment.
The lack of high buying volume meant the momentum was neutral and a strong rally was not yet in sight.yet posted short-term gains over the past few days. Active addresses were down and trading volume was not high either, with whales also showing signs that they were inclined to move to the sidelines.
The price action chart showed that the pivotal Fibonacci retracement level was still a support. As long as it remains standing, Pepe bulls retain their hopes.The Fibonacci levels plotted using the April-May rally were still pertinent. The 78.6% retracement level continued to be respected as support, although some short-term deviations were seen.Their stop-loss orders need to account for the short-term volatility around this level.
A daily session close below the $0.000006 level would indicate bears were in control. Until then, buyers can scoop up more PEPE and wait for a recovery.Prices are attracted to clusters of liquidity, and AMBCrypto noticed one such pocket at the $0.000006 zone. This also marked the lows theSuch a drop is not a guarantee but more of a likelihood at this stage, since not each pool of liquidity is successfully tested.The market sentiment appeared to be bullish in the short term.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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