Three days ago I said $PEPE was coiling between 4.80 and 5.19. Well, it picked a direction. Actually it picked both.
First it broke up, wicked to 5.62 on Nov 10, then reversed hard. On Binance it's down around 15% in the last 24h and it led the whole meme sector lower today while BTC chops near 74K. CoinGlass data shows most of the liquidations hit longs, and funding has flipped negative.
What the 4H chart shows (prices in millionths, so 4.45 means 0.00000445):
Price is around 4.45, sitting right on today's low at 4.42.
The old range floor at 4.80 broke with no fight. That level is now the first thing overhead.
MA20 is rolling over near 5.03 and price is now well below MA50 near 4.99. Short term trend has clearly flipped down.
RSI 14 is around 30, so it's stretched to the downside on this timeframe.
Volume over the last day is roughly 45% above the recent average, so this was real selling, not just a thin drift.
Below 4.42, the Oct 26 low near 4.25 is the base this whole late October run started from.
Scenarios:
If 4.42 holds and price can reclaim 4.80, this could end up being a long flush and a reset back into the old range.
If 4.42 gives way, 4.25 is the next area buyers need to defend, and losing that would undo the whole move since late October.
With negative funding a short squeeze is always possible, but memes are the first thing people dump when liquidity dries up, so BTC matters a lot here.
Not financial advice, DYOR.
Is this a shakeout before the next leg, or is meme season cooling off for real?
#PEPE #MemeCoins #CryptoAnalysis #Altcoins
First it broke up, wicked to 5.62 on Nov 10, then reversed hard. On Binance it's down around 15% in the last 24h and it led the whole meme sector lower today while BTC chops near 74K. CoinGlass data shows most of the liquidations hit longs, and funding has flipped negative.
What the 4H chart shows (prices in millionths, so 4.45 means 0.00000445):
Price is around 4.45, sitting right on today's low at 4.42.
The old range floor at 4.80 broke with no fight. That level is now the first thing overhead.
MA20 is rolling over near 5.03 and price is now well below MA50 near 4.99. Short term trend has clearly flipped down.
RSI 14 is around 30, so it's stretched to the downside on this timeframe.
Volume over the last day is roughly 45% above the recent average, so this was real selling, not just a thin drift.
Below 4.42, the Oct 26 low near 4.25 is the base this whole late October run started from.
Scenarios:
If 4.42 holds and price can reclaim 4.80, this could end up being a long flush and a reset back into the old range.
If 4.42 gives way, 4.25 is the next area buyers need to defend, and losing that would undo the whole move since late October.
With negative funding a short squeeze is always possible, but memes are the first thing people dump when liquidity dries up, so BTC matters a lot here.
Not financial advice, DYOR.
Is this a shakeout before the next leg, or is meme season cooling off for real?
#PEPE #MemeCoins #CryptoAnalysis #Altcoins
