Can PEPE continue its 100% rally from last week

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• The sturdy rally of PEPE was interrupted by a pullback and the construction flipped bearish.
• The retracement can go a little bit deeper however the earlier impulse transfer upward can doubtless proceed.

From mid-Could to mid-June, PEPE costs noticed a downtrend. Round 10 June, the costs started to consolidate inside a variety formation. However prior to now ten days, the bulls made a convincing comeback.

Practical or not, right here’s PEPE’s market cap in BTC phrases

They drove a rally that measured 96.7% after the bullish construction break. But, the buying and selling quantity has begun to lower in latest days. This sparked considerations a couple of lower in demand and capital circulate out of the market.

The worth motion of PEPE confirmed bears had the higher hand as soon as once more

Supply: PEPE/USDT on TradingView

The bullish market construction break on the 6-hour chart was proven in cyan. It occurred on 16 June, and was adopted by the close to 100% rally. Prior to now three days, the bullish momentum of PEPE started to decelerate.

The RSI fell beneath impartial 50 on 28 June, and on the identical day the costs fell beneath the latest increased low at $0.00000145. Highlighted in orange, this represented a shift in market construction again towards a bearish bias.

The rally final week was used to plot a set of Fibonacci retracement ranges. They confirmed that the 50% and 61.8% ranges had been doubtless assist ranges the place PEPE bulls can look to pressure a reversal. Nevertheless, the OBV has retraced virtually all of its positive factors from 20 June, exhibiting intense promoting strain out there.

The MVRV ratio hinted at elevated profit-taking from holders

Supply: Santiment

The weighted sentiment remained in detrimental territory. In the meantime, the age consumed metric noticed just a few sharp spikes prior to now few days. It was accompanied by a fall in PEPE costs, suggesting elevated token motion within the type of promoting strain.

How a lot are 1, 10, or 100 PEPE price at present?

The MVRV ratio was constructive however headed decrease. This confirmed that short-term holders who had been at a revenue had been realizing their positive factors, including to the promote strain behind the meme coin. General, the value motion and sentiment of PEPE favored the bears. The Fib retracement ranges may be of curiosity to merchants as a reversal from these ranges was potential.