Analyst Bullish On PEPE Amidst Bearish Market Signals: Report

Well-known analyst Crypto Jack wrote in a post by X: Positive outlook Based on the weekly chart, there is an uptrend towards PEPE. According to analysts, such positive sentiment is being seen as PEPE is retesting a key resistance level while it is expected to act as a support level.

However, Jack’s optimistic outlook is not in line with current market trends, as can be seen below: Several factors suggest that market sentiment for PEPE is primarily bearish: Importantly, the cryptocurrency faced a major challenge while attempting to break out of the 50% Fib retracement level set at $0.000013.

PEPE faces market headwinds

The RSI on the daily chart is close to the neutral level of 50, suggesting that no significant move is expected in either direction, while the Chaikin Money Flow (CMF) index is reading below 0.05, indicating that there has been a large outflow of funds from the coin.

Analyzing the market data, we can see that short positions are dominant in the market, which can be seen from the liquidations over the past two days. This phenomenon indicates that the market is not confident about PEPE’s short-term price recovery, and there are more short liquidations occurring than in other segments, indicating concern.

From a technical perspective, PEPE price action is attracting attention as the meme coin received support from the 78.6% Fib retracement level and saw strong buying at the $0.0000107 level before turning down and halting the decline, while resistance at the $0.000013 level is proving to be a strong resistance to any attempt by the price to rise.

by Liquidation Heatmap According to Coinglass, new liquidation groups have occurred at $0.00001164 and $0.00001180 in the past day, indicating that investors are most active at these price levels. Clusters like this could signal a future breakout as major market players regroup to adapt to changing market trends.

Despite the price barely changing, the liquidation data is highly concentrated, suggesting some sort of struggle in the market. Long and short speculators are making leveraged bets at these key levels in anticipation of possible changes. So while the market is somewhat confused by these mixed signals, stakeholders are waiting and watching for the next clear signal.

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