- Pepe struggled with a strong resistance that it had not broken in almost two months.
- Psychologically, the frogs may jump aside a bit.
At the time of the press, Memecoins did what they do best – pop up and then cool down just as quickly.
Most High-Cap Memes start messing around after a week of double digits, and Pepe [PEPE] Is no exception. After a fiery 24% rally that broke through the resistance of $ 0.0000060, Pepe now cools down, about 4% in the day, at the time of press.
No shock there – the frogs are finished on a stubborn resistance zone that they have not conquered since February.
Yet a few signs suggest that Pepe may not have been done yet, with a shot to expand his dominance to the May rally.
A fast pit stop while investors are shifting gear
Normally, when a major resistance appears, investors wave to rearrange their portfolios.
The fear of a pullback hangs heavily and pushes many to cash in before things get ugly. But Pepe’s realized profit size tells a different story.
In contrast to corrections from the past-where realized profits enriched and the prizes quickly refueled this time, even with an increased increase in profit, the price promotion has remained resilient.
Source: Glassnode
The big collection meals? FOMO about future profits is to stick to their positions, in which new buyers suck up the sales pressure.
The PEPE range of the top 1% addresses has risen to an annual high point of 85.162%, while the number of new addresses jumped at $ 0.00000884 to a monthly high of 1,387.
All these data points Stack up and strengthen the theory of Ambcrypto.
May could see Pepe overhead supply zones break
As an addition to the list of positive catalysts, Pepe’s 24% weekly Rally Dogecoin has surpassed [DOGE] and Shiba Inu [SHIB]. Both have hit a wall with important resistance zones where the supply is firmly under control.
In the meantime, Pepe has battled $ 0.0000090 in less than two weeks what it tried (and failed) to do four times since mid-February.
It seems that the frogs are finally jumping over that barrier.
Source: TradingView (Pepe/USDT)
Of course the RSI is warm, and some smart investors may want a butt for Pepe’s Monster 60% withdraw from the dip of $ 0.0000060, only fourteen days ago.
But here is the kicker: the recent dip looks like nothing more than a shake-out in the short term, with weak hands being washed away.
This gives the bulls a golden chance to take the stock, especially because Pepe has a serious underlying resilience.
So don’t be shocked if Pepe will soon go on the resistance of $ 0.000010. If the momentum keeps track of, Pepe can be prepared in May for recovering important overhead supply zones.
Credit : ambcrypto.com
