Pepe Coin (PEPE) has been making waves in the crypto space, recently experiencing a sharp 8% uptick in its price, reaching $0.0000078 within just 24 hours. As we approach the end of September, the question on everyone’s mind is whether this momentum will continue into the next few weeks. Here’s a closer look at the indicators that could shape PEPE’s future.
PEPE’s Recent Performance And Key Indicators
From September 13 to 16, PEPE’s Market Value to Realized Value (MVRV) Long/Short Difference dropped significantly from 33% to 26%. This decline mirrored a price decrease from $0.0000079 to $0.0000071, signaling a potential bearish shift. The MVRV Long/Short Difference is crucial as it reflects the profitability of short-term versus long-term holders. A falling MVRV generally indicates that short-term holders are in a better position than long-term ones, a bearish sign for the market.
However, a recent rebound in this metric to 28.36% suggests a potential shift in favor of long-term holders. Historically, a rising MVRV Long/Short Difference has often heralded a bullish trend, hinting that PEPE might be poised to defy bearish expectations. This optimism is further supported by technical analysis tools like the Bull Bear Power (BBP).
Bull Bear Power (BBP) Indicates Buy Strength
The BBP, a technical analysis tool that assesses market strength and trends, currently shows that PEPE is in a strong buying phase. On the 4-hour PEPE/USD chart, the BBP is situated above the 13-period Exponential Moving Average (EMA), indicating that buying pressure outweighs selling. This bullish signal suggests that PEPE’s price could continue to rise, potentially extending its gains into October.
Chart Patterns and Price Predictions
Looking at the daily PEPE/USD chart reveals a bullish pattern as well. PEPE recently broke out of a descending triangle formation, a technical indicator that often precedes a price increase. This breakout was accompanied by a rise above the 20-day EMA, a signal typically associated with the confirmation of an uptrend.
Also Read: Pepe Coin Stuck In 18% Risk Zone – Will Buyers Push PEPE Above $0.000008?
If PEPE continues to trade above this EMA, a significant price rally could be on the horizon. Analysts predict that PEPE could climb to $0.000011 by early October, marking a 50% increase from its recent price. However, caution is advised. Should PEPE fall below the 20 EMA, the optimistic forecast might be jeopardized, potentially leading to a price correction to $0.0000063.
PEPE’s recent price action and technical indicators paint a promising picture for the meme coin’s immediate future. The resurgence in the MVRV Long/Short Difference, coupled with bullish signals from the BBP and a positive chart breakout, suggests that PEPE could be gearing up for a strong performance in the coming weeks. As always, investors should remain vigilant and monitor market conditions closely to navigate potential risks and capitalize on emerging opportunities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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