Will Pepe Coin (PEPE) Price Recover in July 2024?

Last month was not so friendly to the global cryptocurrency market, which faced challenges. Bitcoin price briefly traded at $58,000 before taking an upward trend. The downward trend has spilled over to July overshadowing numerous digital assets, including Pepe Coin (PEPE). During the previous month, PEPE experienced a substantial decrease of 22.57%, indicating wider challenges in the market. This article will explore PEPE’s analysis and market trends to predict what’s ahead for Pepe Coin in July.

Current Market Performance of Pepe Coin (PEPE)

Pepe Coin price has painted the charts red, having dropped by 1.89% over the past day to trade at $0.00001141 today. This follows a broader timeframe in which PEPE dropped in value by 1.53%, and 22.07%, over the past week and month, respectively.

The trading volume of the meme coin has also decreased slightly by 6.29% to record $452.88 million, over the past 24 hours. PEPE is the 23rd largest cryptocurrency with a market cap of $4.8 billion, according to CoinMarketCap.

Mixed Sentiment and Strategic Positioning

Current Coinglass data for PEPE derivatives shows a combination of positive and negative sentiment among traders. Even though long positions have decreased by 10.24%, open interest has gone up by 3.98% to $139.71 million.

This shows a rise in interest to hold positions despite the recent decrease. The options market shows careful hope, with certain volume and open interest numbers indicating a focus on hedging against volatility.

The PEPE/USDT pair on Binance has a higher short position preference, while OKX shows more bullish sentiment with a larger number of long positions. Analyzing the positions of top traders across various timeframes shows a diverse mix of long and short positions, with notable fluctuations observed in the 12-hour and 24-hour time periods..

Technical Analysis

The coin’s short-term outlook is a combination of positive and negative signals from technical indicators. At present, the technical analysis summary for PEPE shows mostly “Sell” signals, with 10 indicators indicating a sell, 5 being neutral, and none suggesting a buy.

Moving Averages also provide a careful perspective. The Exponential Movement. Yet, the EMAs with longer time frames, like the EMA (100) and EMA (200), signal a buy opportunity, indicating likely support around these points.

The RSI of Pepe Coin is currently at 46.02, showing that it is not in a state of being overbought or oversold. This impartiality implies that PEPE is neither strong nor in a very negative state.

The Pivots exhibit a notable range for PEPE, with resistance levels at approximately $0.00001517 and $0.00001846, and support levels at about $0.00000916 and $0.00000644. These levels will play a vital role in deciding whether PEPE can stage a comeback or if the price will keep dropping.

Will Pepe Coin (PEPE) Price Recover in July 2024?

Based on the present technical indicators and derivatives data, the forecast for Pepe Coin (PEPE) in July 2024 is cautiously positive yet filled with ambiguity. Technical indicators are giving conflicting signals and derivatives data show mixed sentiment. This indicate that there is support at longer-term levels for PEPE, but it is also encountering significant resistance and market volatility.

Traders and investors must pay close attention to the important support levels and changing sentiment in derivatives markets to determine if PEPE can take advantage of potential recovery or if more declines are probable. In July, these factors will play a crucial role in deciding whether Pepe Coin can recover from its recent declines and resume its upward trend.

The post Will Pepe Coin (PEPE) Price Recover in July 2024? appeared first on CoinGape.