Brief Analysis——PEPEBTC did not fall after the pump, but fluctuated around 34000. In the past crypto history, when BTC has risen, and not given back profits. Many alt-coins will pump. Funds will choose different sectors for speculation when the market is FOMO.
Under such circumstances, we choose PEPE, a token which is dominated by sentiment, for today's analysis. PEPE is a meme token, and after an initial crazy rise, the price continued to drop. We have also done PEPE analysis in the past. If you are interested, you can check it out at the link below.
Led by BTC, PEPE has been rising for several days, and the trading volume has increased, but it is not significant. The next resistance level is at 0.0000014.
At the daily level, we can see that there are many yellow cones in the MBF indicator area since the end of August. This means that bottom-buying sentiment began to build up at that time and lasted for a month. After PEPE bottomed out again, the price began to rise rapidly. From the WTA indicator we can see that the blue bars representing whales begin to appear and increase. There are no long red candles or long upward pin-bar on the candle chart, which means that whales are not in a hurry to take profits and close their positions.
Let's look at the 4h level. On the WTA indicator, we can see that in the first green zone, when the long green candle (shown as the black dotted line) appears, whales are not involved in PEPE trading. During the subsequent correction, whales continued to increase. This is not a good start. And in the early stages of the second wave of gains, whales also did not appear. And after that the whales increased again. This shows that FOMO drives whales to participate in transactions.
PEPE is currently starting to fluctuate. If there is no long red candle or long upward pin-bar in the subsequent movement, then the FOMO may not be over, and PEPE may continue to rise close to the given resistance level.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
