Pepe Token (PEPE) is currently trading at $0.00001252 and has been drawing attention for its volatility lately. Despite a slight increase of 0.65% in the last 24 hours the token has experienced a huge drop of over 18% over the last 7 days. With a market cap of over $5.2 billlion, PEPE ranks 23rd. The trading volume for PEPE in the last 24 hours stands at $841 million as the 11th position but has seen a 39% drop in the same timeframe.
The current market position technically shows PEPE struggling to maintain at a critical support level within a rising parallel channel. This channel has been in effect since April 13th guiding PEPE price fluctuations. The strength of this support level is crucial as it will determine the short term price direction for PEPE. If the bulls manage to defend this support successfully then PEPE might retest its recent all-time high of $0.00001725. On the other hand a failure to maintain this support could see the price drop to the next support level at $0.00000900
A detailed look at the technical indicators reveals a bearish story. The Relative Strength Index (RSI) which is a key indicator of price momentum is at 46. This suggests that bearish momentum is influencing the market as the index has fallen from a high of 77 recorded on May 27th. The drop in RSI reflects a shift from previously overbought conditions to a more balanced yet bearish market environment.
Moreover the Moving Average Convergence Divergence (MACD) experienced a bearish crossover on June 1st. This marked the MACD line descending below the signal line further confirming the bearish momentum in the market
On-chain metrics from Coinglass show that PEPE Futures Open Interest in USD has decreased from $189.5 million on May 28th to $131.32 million indicating a reduction in market engagement and bearish sentiment. Also the PEPE long-short ratio has decreased in the last 24 hours aligning with the overall bearish momentum observed in the market.
The sentiment in the PEPE market is cautiously bearish with only 43% of market indicators showing bullish signals. The crypto Fear & Greed Index stands at 75 which reflects a state of 'Greed' despite the prevailing market challenges. This could suggest that while the market is greedy investors should remain cautious of potential volatility and market correction
Latest forecast for PEPE from Changelly is optimistic while predicting a 10.96% increase in PEPE price and aiming for a target of $0.00001367 by June 11 2024. This forecast lies strongly on the market ability to hold the support level and potentially push for new highs
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