PEPE has been the talk of the town after its price surge that happened in February 2024 even after it went dead silent for many months starting from July 2023, before the price surge of the crypto market in the last quarter of 2024.
Nowadays people are expecting it to go up even higher with analysts predicting that the market will go up by more than 100% from its current price.
This is because the price is currently at a bullish phase with more expected bullish movement especially heading into the next Bitcoin Halving which is predicted to lead to the 2025 bull market.
However, in the short run, many people still think that the price will go up even more, even though the price is currently sitting at an almost overbought condition.
In this article we will be talking about the price analysis of PEPE in the short run, based on the sentiment of the futures market, which is usually filled by many retail speculators that creates the sentiment around PEPE.
Will PEPE Price Go Up?
Looking at the current daily chart, it can be seen that PEPE is currently sitting at a rather positive condition which might be the trigger that created the positive sentiment around PEPE.
Currently the volume of PEPE shows that the condition is still at a positive stage, but it is nearing its overbought position.
The volume can be seen by the Relative Strength Index or RSI Indicator that shows people are still buying this token, giving it its price surge for the last three days.
This happened after the token went down significantly for around three days, which shows how strong the confidence is around PEPE holders and its traders.
However, the price can only go up again after the current resistance zone is broken, which is still far from its current price.
The price of PEPE is currently going out of its upwards trend, which is why it is unlikely that the price will continue to go up but will probably consolidate in the short run.
The price resistance is standing at around $0.00000837 to $0.00001 which might be broken if the buying volume goes up in the next couple of days.
If the resistance is broken, it is possible that the price will continue to come back into its previous upwards trend.
Futures Market Condition
Looking at the futures market, it is still unlikely that the price will continue to go up, due to the fact that transaction volume is decreasing.
Currently the open interest of PEPE’s futures contract is going down from its peak, which means that people are not trading PEPE as much as before in the futures market.
Usually the transaction volume of the futures market represents the traders in the spot market, which tells the condition of the token’s price in the short run.
Looking at this data, it can be seen that the price might not go up in the future, but that might change if there is a sudden influx of buying volume or new news.
Remembering that the token is considered a meme coin, it might be possible that the price will go up suddenly in the short run.
It all depends on the market condition, where if the market is positive, it might be possible that PEPE will continue to go up, but if the market becomes negative, then there is a chance that PEPE will go down.
So the best bet to do right now is watch how Bitcoin moves because the movement will probably affect PEPE’s price.
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