Can PEPE continue its 100% rally from last week
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.