PEPE is hitting new all-time lows – Is a reversal likely? – Crypto News – Crypto News
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PEPE is hitting new all-time lows - Is a reversal likely? PEPE is hitting new all-time lows - Is a reversal likely?

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PEPE is hitting new all-time lows – Is a reversal likely? – Crypto News

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2 years ago

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer.

  • PEPE continues to hit new ATLs in June
  • Selling pressure persists in spot and futures markets.

Q2 2023 has cleared the market enthusiasm seen towards the beginning of the year. Recent selling pressure has obliterated the budding frog-themed meme-coin, pepe [PEPE], It debuted in Q2 and PEPE’s initial buzz around possibly overtaking shib or USD has fallen flat amid Q2’s bearish pressure.

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However, this week could see significant volatility and price swings. United States’ CPI data for May will be released on 13 June, followed by the US FOMC meeting on 13/14 June. A hike in US CPI data and a dovish FOMC stance could rally Bitcoin [BTC] and PEPE.

Will the trend of ATLs ease?

Source: PEPE/USDT on TradingView

PEPE has been making new all-time lows (ATLs) in June. On June 5, it hit a low of $0.00000095, closing below the mid-May swing low.

At the time of writing, it made another low of $0.00000084 on the 4-hour chart. This captures the shrinking market as chalked by the descending channel (white).

Over the weekend (10/11 June), PEPE faced rejection at the range high ($0.00000120) and eased below the mid-range. So far, the mid-range has become a key resistance level and could drag PEPE to the range low of $0.00000073.

However, PEPE could smash the mid-range barrier and target the range high around $0.00000108. The upswing is likely if the US CPI data and the FOMC announcement are positive. A bullish breakout could set PEPE to target $0.00000120, $0.00000132, or the 50% Fib level ($0.00000152).

Meanwhile, the RSI and Accumulation/Distribution indicators moved sideways, indicating a likely narrow consolidation before a rally or price dump.

What’s the state of PEPE’s sell/buy pressure?

Source: Santiment

Sellers heavily dominated the spot and futures markets, at the time of writing. For example, the supply on exchanges (red line) has risen steadily since mid-May, indicating more PEPE moved into CEXs (central exchanges) for offloading.

Over the same period, supply outside exchanges, which tracks short-term accumulation, dipped. It captures the rising short-term selling pressure in spot markets.

How much are 1,10,100 PEPEs worth today,

The sentiment is similar in the futures market. Short positions dominated at 53% against long positions (47%) on the 4-hour time frame at press time. It suggested that more traders have been shorting the asset – A bearish outlook.

However, the sentiment could change if the two major US economic variables (CPI and Fed rate) are positive.

Source: Coinglass

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