From June to mid -July Pepe went on an incredible run and won almost 70% in value in that short period of time. At the time, investors were overjoyed with the possibility of New Momentum and Adoption, so many enter the $ Pepe market in anticipation of good things that are still coming.
But these good things have not really come, at least not so far.
The Memecoin did a full 180 in market sentiment in the second half of July, and has been acting with a considerable shortage since that period, with more than 30% since the peak of $ 0.00001480 on July 22.
About a month and some change later, buyers have not really been able to get the control over price action back since then, because the currency is traded on a clear downward trend on the daily graph.
It is also not only a “memecoin -thing”. Although Memecoins have experienced losses in the same period, the performance of Pepe stands out, and not for a good reason. The Memecoin index, which follows the market capitalization of the TopMeme tokens on the market, knew about 17% of its market capitalization since 22 June, only about 11% – while $ Pepe saw its market capitalization fall in the same period by more than 27%.
That said, there is a good indication for at least a glimpse of hope that Pepe can finally find the foot in the coming weeks. The Memecoin won about 6% in value during the week, and although not enough to reverse the trend, the currency finally starts to show signs of purchasing power.
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After he went under the 200-day advancing average on 25 August, the price of $ Pepe has regained that zone, which is now closed for two days above that threshold.
The price movement coincides with a bullish crossover on the daily MacD, which shows that bulls are finally getting control of the market.
That said, there is still enough room for uncertainty. The accumulation/distribution indicator has fallen despite the upward movement, a potential sign of a potential sign of distribution pressure.
The volume has also not appeared on the Pepe market, which strengthens the idea that a considerable price shift is unlikely in the short term. If bulls are able to maintain price stable for a little longer, there is a good reason to believe that money can drip again in memecoins in the coming weeks.
Next week it is expected that the FED will reduce interest rates by at least 0.25% – 0.50%, which usually means that investors will have easier access to capital and become less risk -avoiding. Everything also points to October to make various crypto ETF decisions, including possible approvals that can inject new institutional interest in the market. If confirmed, these developments can act as a catalyst for renewed momentum with large tokens, although sentiment will remain careful for the time being.
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