Pepe [PEPE] witnessed a decline in its on-chain metrics, yet managed to achieve short-term gains in the recent days. Active addresses decreased, and trading volume was also not particularly high, while whales indicated a preference to stay on the sidelines.<\/p>\n
Looking at the price action chart, the crucial Fibonacci retracement level continued to act as a support. As long as this level holds, Pepe bulls remain optimistic.<\/p>\n
The Fibonacci levels derived from the April-May rally remained relevant. The 78.6% retracement level remained a strong support, despite some minor deviations in the short term.<\/p>\n
This implies that swing traders could consider entering long positions upon a retest of this retracement level.<\/p>\n
They should set stop-loss orders considering the short-term fluctuations around this level. Additionally, with the momentum and buying volume lacking strength over the past month, it suggests that PEPE is undergoing an accumulation phase.<\/p>\n
If there is a daily close below the $0.000006 mark, it could signal the dominance of bears. Until then, buyers might consider accumulating more PEPE and await a potential rebound.<\/p>\n
The On-Balance Volume (OBV) has been gradually increasing since August, enhancing the likelihood of a Pepe rally.<\/p>\n
Prices tend to gravitate towards liquidity clusters, and CryptoCrypto identified one such zone around the $0.000006 region. This level also coincided with the previous lows that the meme coin touched on the 5th of August.<\/p>\n
Hence, traders and investors should be ready for a rapid downward move.<\/p>\n
While such a drop is not guaranteed, it is a probable scenario at this juncture, as not every liquidity pool is thoroughly tested.<\/p>\n
Short-term market sentiment seemed bullish. Following the gains on September 13th, the Open Interest surged from $235 million to $273 million.<\/p>\n
Speculators showed a keen interest in going long, aiming for profits from the PEPE price action and reflecting a bullish outlook. Despite a slight price correction since then, the Open Interest has not significantly decreased, indicating that long positions still anticipate further gains.<\/p>\n
This could pose a challenge for them if Bitcoin [BTC] experiences a sharp correction in the upcoming days.<\/p>\n
Disclaimer: The content provided here is the author’s personal opinion and should not be considered as financial, investment, or trading advice.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
Pepe [PEPE] witnessed a decline in its on-chain metrics, yet managed to achieve short-term gains in the recent days. Active addresses decreased, and trading volume was also not particularly high, while whales indicated a preference to stay on the sidelines. Looking at the price action chart, the crucial Fibonacci retracement level continued to act as<\/p>\n","protected":false},"author":1,"featured_media":23290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-23289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/23289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=23289"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/23289\/revisions"}],"predecessor-version":[{"id":23292,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/23289\/revisions\/23292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/23290"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=23289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=23289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=23289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}