PEPE holders may consider capitalizing on a potential price rebound in the near future, despite the bearish price prediction suggesting a retest of a key support zone. Last week, PEPE bulls believed they were reversing the downtrend as prices consolidated above a former resistance turned support level. However, recent market movements have shown a shift in sentiment, with increased selling pressure coinciding with a Bitcoin drop below $64.8k on June 21st. Traders are now anticipating a retest of the support zone, while hoping that a bullish order block could save PEPE from further decline.
The PEPE price prediction indicates a potential double-digit percentage drop in prices, with a move towards the $0.0000093 support zone expected in the coming days. The daily RSI has been below the neutral 50 level in June, indicating a bearish market structure shift when PEPE fell below the $0.00001314 support level. The On-Balance Volume (OBV) is barely holding onto a local support level, with low trading volume suggesting a lack of substance to the recent downtrend. However, a positive market sentiment shift could lead to a quick recovery for PEPE, based on trading volume and the in/out of the money chart.
Despite the recent downtrend, data from IntoTheBlock shows that 77.58% of PEPE holders are still in profit, indicating that a significant portion of tokens were bought at lower price levels. A price bounce could lead to selling pressure from holders looking to break even, potentially causing a short-term price dip. However, the long-term uptrend may continue after a retest of the $0.0000093 bullish order block. It is important to note that the information presented is the writer’s opinion and does not constitute financial, investment, trading, or other types of advice.
Looking ahead, it will be essential to monitor how Cardano (ADA) holders, with 74% of addresses holding losses, will react in the current market environment. The potential for selling pressure from ADA holders looking to mitigate losses could impact the overall market sentiment and prices. As the crypto market continues to evolve, it is crucial for investors to stay informed and make strategic decisions based on reliable data and analysis. By understanding market trends and investor behavior, traders can navigate the volatile crypto landscape more effectively and potentially optimize their investment strategies for future growth and success.