$PEPE down 16.36% in a single day, breaking below the 30-day cost basis
PEPE's current price is only a quarter of the way up the Bollinger Bands, and just 40% of the 30-day range. After such a steep drop, it is still sitting in the middle.
The Bollinger Bands show the price moving back and forth near the middle band; a drop near the lower band would count as a severe decline. The bands haven't widened either, so this downturn hasn't entered its acceleration phase yet.
Looking at it another way, the two ends of the range are shaped by extreme sentiment, while the middle is where most trading changes hands. As the price moves down from the middle, the lower band is the first level within reach.
There's another line overhead. The volume-weighted average cost over the past 30 days is 0.00000482. The current price is 6.1% below it, meaning most people who bought above this line are sitting on losses.
They may not sell immediately, but if the price rebounds toward the cost basis, sell orders from those looking to break even will emerge. The average cost becomes resistance because of these traders' own positions. That's why rebounds often stall near the cost basis.
Open interest is down 18.7% over 24 hours, and the aggressive buy/sell ratio is only 0.87. Sellers are still in control, and the rebound lacks follow-through.
I don't think this move is over. The first level to watch on the downside is the lower Bollinger Band at 0.000004.
#pepe
PEPE's current price is only a quarter of the way up the Bollinger Bands, and just 40% of the 30-day range. After such a steep drop, it is still sitting in the middle.
The Bollinger Bands show the price moving back and forth near the middle band; a drop near the lower band would count as a severe decline. The bands haven't widened either, so this downturn hasn't entered its acceleration phase yet.
Looking at it another way, the two ends of the range are shaped by extreme sentiment, while the middle is where most trading changes hands. As the price moves down from the middle, the lower band is the first level within reach.
There's another line overhead. The volume-weighted average cost over the past 30 days is 0.00000482. The current price is 6.1% below it, meaning most people who bought above this line are sitting on losses.
They may not sell immediately, but if the price rebounds toward the cost basis, sell orders from those looking to break even will emerge. The average cost becomes resistance because of these traders' own positions. That's why rebounds often stall near the cost basis.
Open interest is down 18.7% over 24 hours, and the aggressive buy/sell ratio is only 0.87. Sellers are still in control, and the rebound lacks follow-through.
I don't think this move is over. The first level to watch on the downside is the lower Bollinger Band at 0.000004.
#pepe