Bittime – Pepe (PEPE), a popular meme coin, shows a bullish market structure on higher time frames, but short-term analysis has a different reading. Despite recent gains, PEPE is facing significant resistance and profit-taking pressure.
PEPE Market Overview May 20:
PEPE to USDT Analysist By AMBCrypto
As of May 20, 2024, PEPE has maintained a bullish trend on higher time frames. However, futures traders seem cautious, perhaps waiting for a consolidation phase.
PEPE Had Failed to Break Through Resistance
Last week, PEPE attempted to break through local resistance but was rejected, resulting in a 20% drop since May 15. Despite this pullback, the overall trend remains bullish on the longer time frame, indicating potential for a price surge in the future.
Key Technical Indicators
PEPE reached a local peak of $0.0000108 but failed to close above this resistance level, echoing the challenges faced in March. Several bullish factors remain:
- On-Balance Volume (OBV): OBV shows an uptrend and remains above two key short-term levels, indicating that selling pressure has not yet dominated.
- Market Structure: On the 1-day chart, the market structure continues to show bullish.
- Relative Strength Index (RSI): RSI dropped from 72 to 56 within a week, reflecting the recent decline, but momentum on the daily time frame still favors buyers.
These indicators suggest that PEPE may advance towards the 23.6% Fibonacci extension level of $0.0000131.
Short-term support levels at $0.0000087 and $0.0000078 could be potential points for a bullish reversal.
Check Today's Crypto Market:
Market Sentiment and Activity for the Past 5 Days
Since May 15, when PEPE faced rejection at the local top, Open Interest has been decreasing along with the price. The Funding Rate remains at +0.01%, with occasional drops indicating an increase in short positions. The recent liquidations mainly affected bullish traders, adding to the bearish pressure.
Nonetheless, volatility was not comparable to May 15, when significant long and short positions were eliminated. This suggests that a local bottom may be near, potentially leading to a consolidation phase. Traders should monitor lower time frame charts for signs of a revival.
Conclusion: PEPE Short Term Still Bearish
Although PEPE's long-term outlook remains bullish, short-term indicators and market sentiment suggest caution. Traders should keep an eye on consolidation and prepare for potential reversals at key support levels.
How to Buy Pepe (PEPE) on Bittime
You can buy and sell Pepe (PEPE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Pepe (PEPE) is available on Bittime with the market pair PEPE/USDT . To be able to buy PEPE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After
Monitor price chart movements of Pepe (PEPE), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Pepe (PEPE): Will This Meme Coin Moonbag and Reach ATH
Pepe (PEPE) Price Prediction: Will It Rise By 200% in 2024?
This is the Price Prediction for Pepe Coin (PEPE) After Soaring 145% in a Week
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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