koinmilyoner
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Bullish
Bears Won't Let $PEPE Catch a Break
After falling over 12% last week, Pepe's price falls on Monday.
According to PEPE's long-to-short ratio, more traders expect the frog-based meme coin to plummet.
The technical forecast predicts further drop as momentum indications weaken.
After correcting more than 12% the week before, Pepe (PEPE) is trading around $0.000012 and down about 10% on Monday. PEPE's long-to-short ratio is below one, meaning more traders are betting on its decline. Momentum indicators indicate weakness, predicting a 20% drop.
Pepe bears expect 20% drop.
On January 18, Pepe price rejected a declining trendline (made by connecting successive highs since early December) and fell almost 30% till Sunday, closing below its 200-day Exponential Moving Average at $0.000014. As of Monday, it's down roughly $0.000012.
If PEPE continues its correction and closes below $0.000013 daily, it could drop about 20% from present levels and retest its November 8 low of $0.000010.
The daily chart's Relative Strength Index (RSI) is 31 and falling, showing strong negative momentum that is not yet oversold, allowing the decline to continue.
The MACD indicator also indicates a bearish crossover, indicating a sell signal. Increasing red histogram bars below neutral line zero imply the Pepe price may continue to fall.
Coinglass's Pepe long-to-short ratio, 0.72, is the lowest in a month, also negative. This ratio below one indicates gloomy market sentiment as more traders bet on frog-based
#PEPE #MarketPullback #USTaxExemptionPlan #USConsumerConfidence #TrumpCryptoOrder
After falling over 12% last week, Pepe's price falls on Monday.
According to PEPE's long-to-short ratio, more traders expect the frog-based meme coin to plummet.
The technical forecast predicts further drop as momentum indications weaken.
After correcting more than 12% the week before, Pepe (PEPE) is trading around $0.000012 and down about 10% on Monday. PEPE's long-to-short ratio is below one, meaning more traders are betting on its decline. Momentum indicators indicate weakness, predicting a 20% drop.
Pepe bears expect 20% drop.
On January 18, Pepe price rejected a declining trendline (made by connecting successive highs since early December) and fell almost 30% till Sunday, closing below its 200-day Exponential Moving Average at $0.000014. As of Monday, it's down roughly $0.000012.
If PEPE continues its correction and closes below $0.000013 daily, it could drop about 20% from present levels and retest its November 8 low of $0.000010.
The daily chart's Relative Strength Index (RSI) is 31 and falling, showing strong negative momentum that is not yet oversold, allowing the decline to continue.
The MACD indicator also indicates a bearish crossover, indicating a sell signal. Increasing red histogram bars below neutral line zero imply the Pepe price may continue to fall.
Coinglass's Pepe long-to-short ratio, 0.72, is the lowest in a month, also negative. This ratio below one indicates gloomy market sentiment as more traders bet on frog-based
#PEPE #MarketPullback #USTaxExemptionPlan #USConsumerConfidence #TrumpCryptoOrder
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
