$PEPE – Is there a “buy the dip” opportunity for memecoins?
In the world of cryptocurrency, the trend of memecoin PEPE has attracted much attention. Recently, many investors have been wondering whether there is a “buy the dip” opportunity for PEPE?
First, as the cryptocurrency market begins to recover after the price correction, PEPE has shown a bullish price action pattern on the daily chart. It is currently approaching the 50% Fibonacci retracement level, which may mean that it is at a level where it can “buy the dip”.
From a technical analysis perspective, PEPE is forming a symmetrical triangle price action pattern after breaking through the descending trendline, and a breakout is expected in the next few days. The relative strength index (RSI) and the 200-day exponential moving average (EMA) also suggest a potential upside rebound.
In terms of on-chain indicators, PEPE’s long/short ratio value is 1.039, which is above 1, indicating that traders are strongly bullish. At the same time, the rise in futures open interest shows that traders are bullish on PEPE, further supporting its positive outlook.
The main liquidation levels are currently around $0.0001019 on the lower side and $0.00001051 on the upper side, with traders overleveraged at these levels. If PEPE breaks out of the triangle pattern and hits $0.00001051, short positions will be liquidated, while long positions will be liquidated if the price drops to $0.00001019.
At press time, PEPE is trading near $0.00001024, up 1.5% in the past 24 hours, with an 8.9% increase in trading volume and high market participation.
If PEPE closes the daily chart above the $0.0000111 level, there is a high chance that it will surge 20% to the $0.0000132 level in the coming days. Combining on-chain indicators and technical analysis, bulls currently seem to be dominating the asset, which could spark an upside rally in the coming days.
However, it should be noted that the cryptocurrency market is highly uncertain and risky. Investors should carefully assess their risk tolerance and investment strategy when considering whether to "buy on dips" for PEPE.
