PEPE is in a new stage of accumulation. When will the next explosive rebound come?
Pepe has now entered a new stage of accumulation. Investors are steadily increasing their positions, hoping that it will rebound explosively!
Although there are some signs that a rebound may be just around the corner, the data on the chain still shows that more active addresses need to buy in with all their strength.
This month, PEPE has been the most popular among those funny coins, rising by a full 30.13%. Moreover, it has continued to rise recently, rising by another 3.9%.
I think PEPE can still rise a lot later, maybe it can soar to $0.00001725, which is 60% higher than now!
What's more interesting is that PEPE now seems to have formed two bullish signals. It is trading in a symmetrical triangle, which is like a sequel to the previous larger symmetrical triangle breakthrough.
This new pattern tells us that PEPE is accumulating power again, and buyers are increasing their positions little by little, just waiting for the moment of rebound.
If it can really break through this pattern, PEPE's next target is $0.00001725, which is the vertex of the previous symmetrical triangle. If it can't break through, PEPE may have to wander around in this symmetrical triangle.
Take a look at the accumulation/distribution indicator, which can show whether traders are buying or selling. Now it shows that PEPE is in the buying stage.
Moreover, this indicator is still rising all the way, indicating that the market is actively buying and everyone is bullish. Such momentum is likely to push the price to the next target.
There is also the relative strength index, which also supports this trend. It has also started to rise, indicating that the power of buyers is very strong. Now the RSI is 59.41, which means that buyers are in control and pushing PEPE into a more bullish area.
However, it is not without hidden worries. According to data from IntoTheBlock, the number of active addresses interacting with PEPE has dropped by 7.89% in the past week.
This active address is an indicator of traders' enthusiasm for assets. If it drops, it means that although PEPE is rising, fewer people are buying it.
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