Can PEPE continue its 100% rally from last week

AMBCrypto
AMBCrypto

29 Jun 2023 9:30 PM

The OBV indicator of PEPE has retraced almost all of its gains from 20 June, showing intense selling pressure in the market....

  • PEPE experienced a strong rally but recently faced a pullback, flipping the market structure bearish.
  • Despite a potential deeper retracement, the previous upward impulse move is expected to continue.
  • After a downtrend in mid-May to mid-June, PEPE prices consolidated before a recent bullish comeback.
  • The rally measured 96.7% after the bullish structure break, but trading volume has decreased, raising concerns about demand and capital flow.
  • The bearish market structure reemerged, with the RSI falling below 50 and prices dropping below a recent higher low.
  • Fibonacci retracement levels indicate potential support for PEPE bulls, but intense selling pressure is evident from the OBV retracement.
  • The MVRV ratio suggests increased profit-taking and selling pressure from short-term holders.
  • Overall, the sentiment and price action favor the bears, with potential interest in reversal from the Fib retracement levels.

The sentiment of the article leans towards a bearish outlook for PEPE, with mentions of a bearish market structure, decreased trading volume, selling pressure, and profit-taking.

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You May Ask

What caused the interruption of PEPE's strong rally?Will the previous upward impulse move of PEPE continue?What are the potential support levels for PEPE bulls according to Fibonacci retracement?How is the sentiment and price action of PEPE currently favoring the bears?What is the MVRV ratio indicating about profit-taking and selling pressure from short-term holders?

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