Pepe coin has seen its value take dramatic turns previously weeks. The token just lately dropped 46% from a December excessive, decreasing its market capitalization from $10 billion to $4.1 billion.
Nevertheless, many different meme cash are additionally seeing the identical drop, as some have suffered enough losses during the last two week
Wanting on the chart, the worth is in a downtrend, forming decrease highs and decrease lows. Proper now, it’s holding up at a help degree of $0.000010.
In the meantime, the latest sell-off corresponds with a pointy decline in futures open curiosity, which has dropped from over $556 million in January to $258 million. This implies traders are displaying solely little curiosity within the token
Regardless of this, many Pepe holders are holding their positions. The variety of Pepe holders elevated from 384,000 to 404,100 over the previous month, based on knowledge from CoinCarp.
Proper now, the chart has shaped a “demise cross” sample, the place the 50-day and 200-day Weighted Shifting Averages crossed, usually thought-about a bearish indicator.
Additionally, the RSI is under the 50% common degree and presently sitting at 39%. Which means that the bears are nonetheless in charge of the market.
On the 4-hour chart, the worth is forming a bearish flag sample, which signifies extra doable declines. Pepe might probably dip to $0.0000058, the bottom swing degree from final August.
Nevertheless, there’s a potential case for a reversal. The chart has additionally shaped a falling wedge sample, which regularly precedes a breakout. If this performs out positive, Pepe might see a rebound again to $0.000028, providing a 188% achieve from its present worth.
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