PEPE Coin Faces Potential Dip With Looming Retracement, Analyst Warns

 PEPE Coin Faces Potential Dip With Looming Retracement, Analyst Warns

An ominous shadow looms over Pepe Coin’s trajectory as an analyst issues a warning regarding potential risks of a downturn or impending retracement. With a keen eye on technical indicators, the analyst emphasizes the cryptocurrency’s vulnerability, sending a cautionary signal to investors.

As uncertainties linger in the market, the forecasted retracement prompts stakeholders to tread carefully in their investment decisions, considering the potential impact on Pepe Coin’s value and stability.

Analysis by Crypto Expert Ali on Pepe Coin’s Outlook

Renowned crypto analyst Ali, known for insightful perspectives, takes to X (formerly Twitter) to share a compelling analysis stirring up the crypto community’s attention towards meme coins. In particular, the resurgence of interest in meme coins, spurred by TheRoaringKitty’s return, amplifies discussions around their viability and potential pitfalls.

Ali’s scrutiny focuses on Pepe Coin, highlighting indications of an impending retrace. Through technical analysis, Ali points out significant bear market signals observed on Pepe Coin’s 3-day chart, notably an aggressive 13 and a green nine candle. Further exacerbating concerns, a bearish divergence surfaces between the price action and the Relative Strength Index (RSI) which stands at the 41.02 level, painting a cautious outlook for Pepe Coin’s near-term performance.

Also Read: Crypto Market Up Today: Top Reasons Why BTC, ETH, SOL, XRP Prices Are Rising

Current Market Performance of Pepe Coin

Despite recent fluctuations, Pepe Coin (PEPE) maintains a price of $0.00001021 with a 24-hour trading volume of $1.3 billion. While experiencing a slight decline of -4.92% over the past 24 hours, the coin has seen a notable 24.59% increase in price over the past 7 days. With a circulating supply of 420 trillion PEPE tokens, the cryptocurrency boasts a market capitalization of $4.2 billion.

However, recent market movements reflect a regression in open interest, currently standing at 4.53%, with a valuation of $71.0 million. As investors monitor these metrics closely, Pepe Coin’s market performance remains subject to ongoing analysis and scrutiny amidst the evolving landscape of the cryptocurrency market.

Also Read: Shiba Inu Takes Center Stage With Dedicated Payment Page On Binance Pay

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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