Paype, the third largest meme coin in Crypto, has made a weevage in the last two weeks as its recent dowtrand lost speed.
Pepe (Pepe) has held a major support level of $ 0.000010, which is 65% below its December high.
The fall has erased about $ 6 billion from its market capitalization, falling from $ 10 billion to $ 4.1 billion. This broad memes reflect the coin meme, as most of the tokens have crashed in the last two months.
The futures in Peep’s sales coincide with a sharp decline in open interest, decreasing the investor’s demand. The open interest in January has exceeded $ 556 million. This metric tracks all unfinished calls and puts an alternative order in the futures market, which provides insight into the market spirit.
On the positive side, many pepe holders appear to be holding their positions. data from coincidence Shows that the number of Peppe holders has risen from 384,000 to 404,100 in the previous month.
Paype value is sending technical mixed signals
The daily chart shows that the price of Pepe has retreated from $ 0.00002828 in December. Recently, it formed a Death Cross pattern as a 50-day and 200-day weighted moving average, historically a sign of recession in technical analysis.
The ongoing involvement suggests that Peppe can create a recession flag pattern, which is characterized by a sharp drop, followed by a period of movement. This pattern often gives further negative indications.
Adding to the recession of the recession, the pepe has fallen at $ 0.000011 from 61.8% Fibonacci retracement level, indicating that bears remain under control. These technical patterns suggest a possible fall towards $ 0.0000058, the lowest swing level recorded in August last year.
However, there is also a case for rapid upsurge. Paype has formed a falling wedge pattern, with its trendline, often a precursor to a breakout. If this landscape plays out, the pepes can rebound $ 0.000025, 150% profit from your current level.
