Pepe, the third largest piece of crypto memes, has waved in the past two weeks while its recent downward trend has lost momentum.
Pepe (Pepper) held in key support of $ 0.000010, down 65% compared to its December summit.
The drop has erased nearly $ 6 billion from its market capitalization, which increased from $ 10 billion to $ 4.1 billion. It reflects the widest coin Maket, because most of the tokens have crashed in the past two months.
The sale of PEPE coincided with a sharp drop in open interest in the long term, signaling a reduction in investors’ demand. Open interests have increased from more than $ 556 million in January to $ 258 million today. This metric follows all non -filled calls and puts orders from options in the long term, offering an overview of the feeling of the market.
On the positive side, many pepe holders seem to hold their positions. Data from Coïncite shows that the number of pepe holders has increased to 404,100, against 384,000 in the last month.
Pepe Price technicians send mixed signals
The daily graphic shows that the PEPE price went from $ 0.000028282828 to December 0,000010. Recently, he formed a model of death of death as the weighted medium of 50 days and 200 days crossed, a historically lowered signal in technical analysis.
Consolidation in progress suggests that PEPE can form a low -lowering flag model, characterized by a clear drop followed by a period of lateral movement. This model often signals further.
Adding to the lower perspectives, Pepe fell below the level of Fibonacci retracement of 61.8% to $ 0.000011, indicating that the bears remain in control. These technical models suggest a potential decrease to $ 0.00,00058, the lowest swing level recorded in August from last year.
However, there is also a case for a bullish reversal. Pepe formed a falling corner pattern, with its converging trend lines, often a precursor of a break. If this scenario takes place, Pepe could bounce back to $ 0.000025, a gain of 150% of its current level.