Analyzing the Pepe Trend

The article examines the recent trend of Pepe [PEPE], a cryptocurrency, and its on-chain metrics. Despite short-term gains, the active addresses and trading volume were down, indicating a weakening in the coin's on-chain performance.

Price Action and Support Level

The price action chart shows that the pivotal Fibonacci retracement level is still acting as support for Pepe. As long as this level holds, the bulls retain their hopes for a potential recovery.

Volatility and Swing Trading

The article discusses the potential for volatility around the key Fibonacci retracement level, which could distress swing trading positions. It suggests that swing traders should account for this short-term volatility when entering long positions.

Accumulation Phase and Recovery Prospects

The analysis indicates that Pepe is currently in an accumulation phase, as the momentum and buying volume have not been strong over the past month. However, the OBV has been slowly trending higher, boosting the chances of a Pepe rally.

Conditions for the Next Big Move

The article concludes by highlighting the key conditions that could lead to the next big move in the Pepe cryptocurrency, including the importance of the $0.000006 support level and the overall market sentiment and buying activity.

Source: https://ambcrypto.com/examining-the-lack-of-a-pepe-trend-key-conditions-for-the-next-big-move/

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