Pepe Coin worried its investors by depreciation in the last two weeks. The third largest breast coin in the market is trying to hold on critical support levels. However, technical indicators create uncertainty about the direction of the price movement.
Pepe Coin lost $ 6 billion!
Pepecoin fell from $ 0.00002828 to a 65 %decreased to $ 0.000010 in December. This harsh decline caused the erasure of $ 6 billion from the market value. Pepe’s total market value fell from $ 10 billion to $ 4.1 billion and shook the investor confidence.
There was a big decline in the futures market. The open position volume decreased from $ 556 million to 258 million dollars. This shows that investor interest is reduced and the market has not yet recovered. However, long -term investors do not sell. The number of Pepe Coin owners increased from 384,000 to 404 thousand in the last month.
What do the technical indicators say?
Technical analysis gives mixed signals for Pepe Coin. In the daily graph, the 50 -day moving average cutting the 200 -day moving average down is known as “death intersection ve in technical analysis and is usually a signal of decrease.
In addition, the Pepe price went below 61.8% Fibonacci’s withdrawal level. This shows that the bears still hold control. If the downward trend persists, the price seems to be possible to decrease to $ 0.0000058.
Can Pepe Coin be recovered?
Despite all the negativities, there are some promising indicators for Pepe Coin. Technical analysis shows that the price movement constitutes a falling wedge formation. This formation is usually a return signal that is seen before entering a strong rise trend by recovering from the bottom levels of an entity. If buyers are activated, the price may exceed $ 0.000015, which may initiate a new recovery process in the market. In addition, most of Pepe Coin investors have not yet sold. According to On-Chain data, the number of pepe owners increased from 384,000 to 404 thousand in the last month, which shows that investors’ long-term expectations are still strong. If this attitude persists, sales pressure may decrease and the price may be recovered.
However, market conditions need to improve in order for Pepe Coin to rise again. The general aspect of the crypto currency market will play a decisive role on Pepe’s price movement. The fact that large crypto currencies such as Bitcoin and Ethereum exhibit strong movements may increase the interest in breast coins and help Pepe enter a new upward trend.
