Is a ‘buy the dip’ opportunity on the cards for the memecoin?
The post Is a ‘buy the dip’ opportunity on the cards for the memecoin? appeared on BitcoinEthereumNews.com.
PEPE could soar by 20% to hit the $0.0000132 level if it closes a daily candle above $0.0000111 On-chain metrics, together with technical analysis, suggested that bulls have been dominating the asset After a decent price correction, the broader cryptocurrency market started recovering on the charts. Amid this, the popular memecoin PEPE formed a bullish price action pattern on its daily chart. In light of the price recovery and the aforementioned bullish pattern, one expert is suggesting there may be a buy-the-dip opportunity here. Expert hints at buy the dip opportunity According to InvestingHeaven’s latest post on X (Previously Twitter), PEPE’s price is now approaching a “buy the dip” level as it nears the 50% Fibonacci retracement. Based on the success rate, traders and investors often use the 50% retracement when building long positions or going long on an asset. PEPE technical analysis and key levels According to AMBCrypto’s technical analysis, PEPE is currently forming a symmetrical triangle price action pattern following its breakout from the descending trendline. However, PEPE reached a very narrow zone within the pattern, and there is a strong possibility of a breakout on either side soon. Source: TradingView Based on the prevailing market sentiment, PEPE may be poised for an upside breakout. If this occurs and PEPE closes a daily candle above the $0.0000111 level, there is a strong possibility it could soar by 20% to hit the $0.0000132 level in the coming days. Here, it’s worth pointing out that PEPE’s Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) hinted at a potential upside rally. Bullish on-chain metrics PEPE’s positive outlook can be further supported by on-chain metrics, as trader sentiment seemed quite bullish for the memecoin. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio, at press time, had a value…
Filed under: News - @ October 19, 2024 6:05 am