Analyst Bullish On PEPE Amidst Bearish Market Signals: Report

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Famous analyst Crypto Jack in the X post has provided a positive outlook towards PEPE based on the weekly chart. According to analysts, such a positive sentiment is observed as PEPE is retesting a critical resistance level while it is expected to act as a support level.

However, Jack’s positive outlook is not aligned with the current market trends as depicted below. Several factors suggest that the market sentiment for PEPE is mostly bearish. Significantly, the cryptocurrency faced its major challenge in trying to break through the 50% Fibonacci retracement level set at $0.000013.

PEPE Faces Market Headwinds

The RSI on the daily chart is close to a neutral level of 50, which signals a lack of strength for a big move in either direction. Also, the Chaikin Money Flow (CMF) index has indicated values below 0.05, showing that there was a massive capital flight from the given coin.

Analyzing the market data, one could observe dominant short positions in the market; this could be seen from the liquidations over the last two days. This phenomenon suggests that the market is not confident about PEPE’s short-term price rebound; many short liquidations occurred, more than in other segments, which indicates concern.

From a technical perspective, the focus is on PEPE’s price movements. The meme-coin gets a strong buy at the $0. 0000107 level, supported by the 78.6% Fibonacci retracement level, and then turned down to halt the decline. On the other hand, the resistance at the $0.000013 level has provided a strong resistance to any attempts of price increases.

According to the liquidation heatmap from Coinglass, there is a new group of liquidations at $0. 00001164 and $0.00001180 in the past day, meaning that the investors are most active in this price range. Such clustering may be indicative of the future break out as the key market players rearrange themselves to adapt to possible changes in the market trend.

Even though the prices barely changed, the liquidation data is highly concentrated which points to a certain struggle in the market. Long and short speculators prepare for possible shifts, and therefore, have their leveraged bets at these critical levels. Thus, while the market is somewhat in a state of confusion in these mixed signals, the stakeholders are waiting and watching for the next clear signal.

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