Falling Wedge Pattern Signals Hopeful Turnaround for Pepe Coin Prices
The Pepe (PEPE) coin has attracted attention with its intriguing falling wedge pattern on the daily chart. This formation hints at a potential price rebound soon.
Pepe traded at $0.0000095 on September 5th, representing a hefty 33% dip from its peak in July. Despite the current low levels, experts observe that Pepe seems poised for recovery.
The technical pattern indicates Pepe could experience growth despite large-scale selling activities by major investors. The Murrey Math Lines show Pepe settling at a supportive level that usually triggers反弹.
- Formed a falling wedge pattern indicating growth prospects.
- Selling by whales and smart money investors isn’t deterring the positive outcome.
- Rebound potential to reach up to $0.00001340 based on the pattern completion.
Data from Nansen reveals that smart-money investors’ holdings slightly decreased from 326 billion in August to 322.2 billion. meanwhile, whale investors shed over 800 billion tokens, reducing their total holdings significantly.
While large investors usually influence crypto prices negatively with their selling,the trading situation might be different in this case. A possible解释 is that the entire crypto market could be gearing up for recovery after the recent weak non-farm payrolls data reported by the U.S.
If the prediction holds true, Pepe will join other leading crypto coins in benefiting from a likely market uptick, complemented by a consistent increase in futures open interest.
