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- 1 Pepe coin seems to be stabilizing near the dynamic support of the 20-Day exponential moving average.
- 2 Pepe crypto trades close to $0.0000081, recording a swift intraday loss of nearly 0.45%.
The Pepe coin traded lightly on Wednesday, reporting a swift intraday loss at the time of writing. The crypto was at $0.0000081, trading close to the weekly high value. The bulls were exhibiting strength in the last few sessions as the crypto was trying to stabilize near the highs.
Moreover, the bears attempted to regain control at the highs in the third week of March. The price dropped nearly 40% for the recent swing high. However, the 20-Day EMA acted as a dynamic support and prevented the further fall.
The recent sessions saw the price hovering above the 20-Day EMA for most of the time indicating the short term trend still favors the buying side. The sellers seem to be failing in order to regain control over the trend.
On the higher side, the recent swing high or $0.0000099 level might act as a hurdle for the buyers. Any sustained move above the stated level may unlock price potential towards the higher side.
Pepe Coin Seems Stabilizing As the Volatility Drops
The above chart displays a correlation between the PEPE cryptocurrency price and volatility change. The volatility was low until mid-February and the price was hovering in a sideways trend. However, the price along with volatility saw a massive jump in the last week of February.
Diving deeper into the recent data, it was observed that the volatility of Pepe crypto has dropped back to the previous multi-month value. It suggests the price is stabilizing near the CMP.
Sentiments Turning Positive: Can Pepe Coin Fly Again?
The sentiment data seems to be shifting towards the positive side, which adds confirmation to the further upside potential in the Pepe crypto. A closer look at the sentiment data shows that the weighted sentiments turned bearish in the second week of March after a massive 400% jump in the Pepe price in the last couple of weeks.
The Pepe price corrected nearly 40% from the top and consolidated near the dynamic support of 20-Day EMA. In the last couple of weeks, the weighted sentiment is erasing the bearish sentiment and has started to draw curves on the positive side suggesting a possible price surge in the short term.
Pepe Crypto Top Addresses Holdings Insights!
The top addresses holdings data displays the amount of supply that are currently held by whales along with the change in the holdings. The whales were holding nearly 46.81% of the total supply in the 1st week of March 2024.
Currently, the top addresses are holding nearly 45.69% of the total supply indicating a significant drop of nearly 1.12% in the last three weeks.
Pepe Coin Price Prediction April 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the PEPE price could advance to a high of $0.00000108 suggesting a potential gain of over 38.1%. The lower price target which the crypto could attain is $0.0000059 as per the analysts.
Conclusion
The PEPE coin price is stabilizing above the 20-Day exponential moving average and seems to be gearing up for another rally. The bears attempted to regain the trend control after the price fell nearly 40% from the recent swing high.
However, the bulls made a comeback near the dynamic support of 20-Day EMA and prevented further fall. Now, any sustained move on the higher side may invite more buying volume inflow and the price may gain momentum if it surpasses the recent swing high.
Technical levels:
- Support Levels: $0.0000059 and $0.0000040
- Resistance Levels: $0.0000083 and $0.0000099
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
