$PEPE Price Back Above Cost Basis, Volume Falls to 70%
Trading volume is only 70% of its previous average, yet the price has moved above the average cost over the past 30 days. I’m inclined to think this is a high level being held up by holders sitting on unrealized gains who aren’t selling. The direction is up, but the upside looks limited.
The 30-day volume-weighted average cost is 0.00000474, and the current price is 7.4% above it. Those who entered positions this month are, on average, sitting on unrealized gains. It doesn’t take much buying pressure to push the price higher, which is how you get a rally on declining volume.
PEPE is one of the frog-meme coins from the 2023 batch that survived. It has a market cap of two billion dollars and no cash flow to assess. With a coin like this, all you can do is look at its volatility structure.
Bollinger Band width is near the low end of its recent range, so the direction hasn’t been decided yet; daily ATR is still close to 10%. Narrow bands combined with such a large intraday range make it quite possible for the price to spike and then get pushed back down.
Open interest of $40 million isn’t substantial. When funding rates favor the long side, it costs very little to trigger a quick reversal and sweep through positions.
On 11/4, the price touched 0.00000532 as volume rose to 1.3 times its average, but it failed to hold there over the following four days. To retest this area, volume first needs to recover from 70% to around its average.
There’s still more than 10% upside from the current price to 0.00000568, a distance it could cover in a day at the current intraday range. I think it will first fill the gap above 0.00000532, then test 0.00000568.
#pepe
Trading volume is only 70% of its previous average, yet the price has moved above the average cost over the past 30 days. I’m inclined to think this is a high level being held up by holders sitting on unrealized gains who aren’t selling. The direction is up, but the upside looks limited.
The 30-day volume-weighted average cost is 0.00000474, and the current price is 7.4% above it. Those who entered positions this month are, on average, sitting on unrealized gains. It doesn’t take much buying pressure to push the price higher, which is how you get a rally on declining volume.
PEPE is one of the frog-meme coins from the 2023 batch that survived. It has a market cap of two billion dollars and no cash flow to assess. With a coin like this, all you can do is look at its volatility structure.
Bollinger Band width is near the low end of its recent range, so the direction hasn’t been decided yet; daily ATR is still close to 10%. Narrow bands combined with such a large intraday range make it quite possible for the price to spike and then get pushed back down.
Open interest of $40 million isn’t substantial. When funding rates favor the long side, it costs very little to trigger a quick reversal and sweep through positions.
On 11/4, the price touched 0.00000532 as volume rose to 1.3 times its average, but it failed to hold there over the following four days. To retest this area, volume first needs to recover from 70% to around its average.
There’s still more than 10% upside from the current price to 0.00000568, a distance it could cover in a day at the current intraday range. I think it will first fill the gap above 0.00000532, then test 0.00000568.
#pepe