Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
PEPE offered a buying opportunity after another retest of a significant support level. It missed a trend on the higher timeframes but could still post significant gains in July or early August.
Pepe [PEPE] saw a downward trend in a higher time frame from May to mid-June. Around the June 19-22 period, PEPE saw gains of nearly 95%, breaking out of the previous slump. This quick bullish win was followed by a range formation.
Read Pepes [PEPE] Price Forecast 2023-24
This could be healthy in the long run as it allows investors to trade the cost average in positions. For short-term traders, there has been some volatility over the past month and they can expect gains after the support level retest.
The one month range formation and support highlighted the levels for traders to keep an eye on
Source: PEPE/USDT on TradingView
As of June 21, PEPE has been trading within a range (yellow) that ran from $0.00000136 to $0.00000185. Within this range, the $0.00000148 support level (dotted orange) was also significant.
At the time of writing, PEPE was trading just above this support level. Still, the market structure was bearish as the price formed a series of lower highs and lower lows after the rejection of the range highs at $0.00000188.
The Directional Movement Index showed that there was no strong trend in recent days. The CMF was at -0.04 but was lower last week, showing capital flowing out of the PEPE market. The RSI was also below the neutral 50.
How much is 1, 10 or 100 PEPE worth today?
The Open Interest showed that the bullish belief was slowly solidifying
Source: Coinalyse
Since July 17, the Open Interest chart has formed higher lows on the chart and slowly lifted higher. During this time, the price action did not see a trend but remained just above the support level at $0.00000148.
This was an indication that speculators were slowly turning bullish, but PEPE has yet to make much gains. The price action and volume indicators showed that the buyers were not strong yet, but the support level has been defended and PEPE prices could move higher in the coming week.
This post Here’s how Pepe traders can benefit when volatility subsides
was published first on https://ambcrypto.com/heres-how-pepe-traders-can-profit-as-volatility-dies-down/
