After a notable price correction, the cryptocurrency market is showing signs of recovery, and one memecoin is making headlines: PEPE. With a bullish price action pattern forming on its daily chart, experts are hinting at a potential buy-the-dip opportunity for savvy investors.
Expert Insights On PEPE’s Recovery
In a recent post on X (formerly Twitter), InvestingHeaven highlighted that PEPE’s price is nearing a critical “buy the dip” level as it approaches the 50% Fibonacci retracement mark. This key level is often utilized by traders and investors to establish long positions due to its historical success rate. With PEPE’s current trajectory, many are watching closely for potential entry points.
AMBCrypto’s technical analysis reveals that PEPE is forming a symmetrical triangle price action pattern following its breakout from a descending trendline. This triangle has brought PEPE into a narrow trading range, setting the stage for a possible breakout in either direction.
If market sentiment continues to favor the bulls, a decisive move above the $0.0000111 level could see PEPE surge by 20%, targeting the $0.0000132 mark in the days ahead. The Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) also support this bullish outlook, suggesting that an upside rally may be imminent.
On-Chain Metrics Point to Bullish Sentiment
PEPE’s positive momentum is bolstered by favorable on-chain metrics. Data from on-chain analytics firm Coinglass shows that PEPE’s Long/Short ratio stands at 1.039, indicating strong bullish sentiment among traders. A Long/Short ratio above 1 is typically a positive sign, reflecting a growing confidence in the asset’s price trajectory.
Moreover, PEPE’s Futures Open Interest has been on the rise, increasing by 4.3% in the last 24 hours and 2.3% over the last four hours. This uptick indicates that traders are actively building their positions as PEPE rebounds on the charts.
Current major liquidation levels are significant for traders to monitor. On the lower side, $0.00001019 represents a crucial threshold, while $0.00001051 marks the upper limit. Should PEPE break out of the triangle pattern and reach the $0.00001051 level, approximately $407,910 worth of short positions will be liquidated. Conversely, if the price dips to $0.00001019, around $1.90 million in long positions could face liquidation.
PEPE’s Current Market Momentum
As of now, PEPE is trading at approximately $0.00001024, reflecting a 1.5% increase over the last 24 hours. During this same timeframe, trading volume surged by 8.9%, signaling a higher level of trader and investor engagement as the market begins to rebound.
Time to Buy the Dip?
With bullish technical indicators and favorable on-chain metrics converging, PEPE appears to be poised for a potential upside rally. For investors looking to capitalize on market recovery, the current price levels could present a compelling buy-the-dip opportunity. As always, it’s crucial for traders to conduct their own research and remain vigilant in the ever-evolving cryptocurrency landscape.
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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