PEPE Coin Faces Selling Pressure Amid Local Resistance: Will the Price Decline?

  • Pepe Coin (PEPE) recently grabbed headlines with a series of record-breaking prices, despite prevailing market uncertainties.
  • Following a period of recovery, PEPE encountered local resistance, leading to speculation about a potential price range.
  • On-chain data indicates a gradual rise in selling pressure, offering insights into market behavior.

Get an in-depth analysis of Pepe Coin’s price movements and market indicators, providing investors with actionable insights.

Analyzing PEPE Coin’s Future Price Trends

In late May, PEPE saw increased sales activity. By mid-June, the Chaikin Money Flow (CMF) indicator fell below -0.05, indicating significant capital outflow and hinting at a potential price drop to $0.0000089, which would negate previous gains. For the latest updates on financial and business news, visit COINOTAG FINANCE.

The $0.0000107 level, representing a 78.6% retracement, has been strongly defended by market bulls. Nevertheless, the 50% retracement level at $0.000013 could not withstand the pressure. Although the CMF turned positive, the Relative Strength Index (RSI) remained neutral around the 50 level.

Will PEPE’s Price Continue to Decline?

The liquidity heatmap plays a crucial role in predicting PEPE’s price direction. Data from the last three months indicates a significant liquidation zone between $0.000008 and $0.000009. The 50% Fibonacci retracement level serves as resistance to prevent prices from falling into this zone.

Market liquidity shifts based on investor positioning. If the bulls sustain their momentum and Bitcoin (BTC) performs well, PEPE could potentially revisit $0.000018. Current data shows a rising trend in short positions over long ones, which could signal a short squeeze and a subsequent price spike. Noteworthy liquidation zones for PEPE include $0.0000122 and $0.0000134.

Conclusion

In summary, PEPE faces local resistance post-recovery, influenced by significant selling pressure and the potential for short squeezes, which could drive future price movements. Investors should keep an eye on key liquidity zones and market indicators to navigate the volatile landscape of PEPE Coin trading.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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