CandleFocus PEPE’s Explosive 950% Gains Under Threat as Bears Take Over
2024-09-12
Author: Content Editor
The price of Pepe (PEPE), a meme coin, has surged by 956% in the past year. However, the coin may be facing further losses as sellers take control, potentially leading to a downturn in its price. Technical indicators suggest that PEPE's short-term potential is at a crucial point, with the possibility of either a new price rally or further decline. On-chain data indicates that bears may be gaining control, as there are currently more bears than bulls. The In/Out of Money Around Price (IOMAP) metric suggests that PEPE may face significant resistance as it attempts to climb higher. Over 34 trillion PEPE tokens are held at a loss, indicating potential resistance at $0.0000080. However, a surge in buying volume by bulls could push PEPE towards a rally to $0.000010.
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