CandleFocus PEPE Price’s 32% Rally to Four-Month High May Stumble, Here’s Why
2024-10-18
Author: Content Editor
The PEPE cryptocurrency has been on an uptrend recently, but it has struggled to reach its full potential. Negative signals from key network indicators, such as the spiking NVT ratio, are causing uncertainty about its future trajectory. The high NVT ratio suggests that the network may be overvalued relative to the number of transactions, which could lead to downward pressure on the price. On the technical side, the Relative Strength Index (RSI) indicates bullish momentum for PEPE, but the coin is currently facing resistance at the $0.00001146 level. Overcoming this resistance is crucial for its upward movement, and if it succeeds, PEPE could rally to form a new four-month high and continue its bullish trend. However, if the resistance holds, there is a risk of a significant correction in the price.
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