Despite a 0.67% increase in the price of Pepe (PEPE) in the last 24 hours, our price analysis suggests that this cryptocurrency has entered a significant downward trend. The fact that PEPE couldn’t break its 4-hour resistance area of 0.000001990 gives its investors a reason to question what to do next.
Current State of PEPE
Currently, the total market value of PEPE is 570,316,135 US dollars, and it ranks #74 in the CoinMarketCap ranking. Only 391,790,000,000,000 of the total supply of 420,690,000,000,000 PEPE coins are in circulation. The trading volume in the last 24 hours is 113,327,031 US dollars.
The vast majority of Pepe coin holders, i.e., 79.6866%, own PEPE valued between 0-1k$. Owners of PEPE valued between 1k-100k$ constitute 19.8% of the total owners, while the rate of those who own over 100k$ in PEPE is only 0.5135%. Whales constitute 28.4275% of the total PEPE coin ownership, while the other 71.5726% belongs to other investors.
Attention to the Downward Trend in PEPE!
According to recent analyses, we can see that PEPE has entered a downward trend. The inability to break the 4-hour resistance zone of 0.000001990 is an indicator of the start of a downward trend. If it can’t hold on to interim supports, the first target could be 0.000001150. Moreover, a strong support point is found at the 0.0000011 level.
Support levels for PEPE are set at 0.000001393, 0.000001347, 0.000001313, while resistance levels are seen at 0.000001524, 0.000001584, 0.000001669.
Fibonacci support at 0.786 is located at 0.0000011, and the main resistance, fib 0.618, is at 0.000001811. If PEPE doesn’t close above these supports in 4 hours, the trend will be downwards. Similarly, unless there is a 4-hour close above the strong resistances, unless the short-term minor trend is broken, the main trend will continue downwards. This trend has been valid since May 13.
Looking at PEPE’s Long and Short Ratios
According to the last 24 hours data, there is a noticeable equality in the long and short ratios related to PEPE. Generally, the ratio between long and short positions is at the 1.004 level. This shows that investors are opening almost equal amounts of long and short positions.
Looking at the 1000PEPE/USDT accounts on Binance, the long/short ratio reaches 3.0502. This shows that long positions are three times greater than short positions.
Also, in the 1000PEPE/USDT accounts with the highest trading volume on Binance, the long/short ratio reaches 2.8358. This shows that investors in these accounts generally prefer to open long positions.
However, the ratio of long and short positions opened by investors in the 1000PEPE/USDT accounts drops to the 0.9614 level. This, although there is a general long position tendency, shows that some investors also expect a decline in the value of PEPE.
In the last 24 hours, the loss resulting from long positions was 427.15K US dollars, while the loss resulting from short positions was 253.54K US dollars. This shows that long positions are causing more loss and that the market uncertainty is affecting investors.
Taking into consideration the current situation of PEPE and the market trend, investors should carefully evaluate their positions and take potential risks into account. As market conditions change, paying attention to long and short ratios can help investors keep their information up-to-date and make more informed decisions.
Recommendation to PEPE Investors
It seems that for PEPE investors, the best thing for now might be to wait and see. As long as the downward trend continues and there are no significant changes at the indicated support and resistance levels, investors should not take additional risk. This means that investors need to closely follow the market situation and see if there is any change in the trend in the coming days.
