Last Updated on May 27, 2023 by Bitfinsider
The performance of Pepe [PEPE] might have left viewers perplexed. It might soon be time for a rebound, though, according to traders who have been keeping an eye on the meme’s technical outlook. Analyst Altcoin Sherpa, who is accustomed to Twitter, claimed that the meme was already building a mid-term bottom.
The analyst highlighted that the token was already moving near the.50 Fibonacci retracement line while providing evidence to support his assertions.
It should go without saying that the most common retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. The 50% level or.50 fib is a major level of support or resistance, though, and could cause a price bounce before the item moves further in the original path.
On May 19, PEPE’s weighted sentiment exited the negative zone, supporting Sherpa’s assertions. When this score is positive, investors’ optimism has been rekindled.
When the contrary happens, it suggests that market participants were pessimistic about the performance of the cryptocurrency. PEPE’s volume decreased despite this, reaching 183.03 million.
This would, however, be harmful to PEPE’s future recovery because a rise in volume might have given the meme value more support.
The daily profit volume of on-chain transactions for PEPE was 14.19 trillion. On the other hand, the daily volume of loss-related on-chain transactions was close to 13.69 trillion.
Due to this disparity in metrics, many parties to these transactions were unable to purchase the token when it was still receiving positive press and performing exceptionally well.
The token had lost 8.16% of its value during the past seven days as of the time of publication. How about its momentum, though? The Awesome Oscillator (AO) was swinging below the histogram line according to the four-hour chart.
The AO, a tool for calculating current and historical market momentum, was at zero on the adverse axis. The indicator, which is frequently used to compare two moving averages, indicates that the PEPE momentum at the time was negative.
The technical prognosis for the Directional Movement Index (DMI) indicated that it would take a while for PEPE to recover. The +DMI (green) stood at 12.49 at the time this article was written. The -DMI (green), however, was at 25.46.
On the other hand, the Average Directional Index (ADX) was at 25.76. Additionally, the fact that the ADX (yellow) was above 25 showed that there was support for the bearish tendency.
How to buy or trade PEPE on ProEX
On ProEX, you can trade PEPE as a spot pair (PEPE/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade PEPE/USDT at ProEX Spot
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.