Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- PEPE dropped below $0.00000082, hitting a new all-time low of $0.00000069.
- Open Interest rates eased, indicating a dip in demand from the derivatives market.
Pepe [PEPE] has been in an overall downtrend since mid-July. It made lower lows and lower highs over the same period and inflicted a new all-time low of $0.00000069 at press time. The memecoin shed over 35% of its value in August, and bearish pressure didn’t lessen in early September.
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Meanwhile, Bitcoin [BTC] defended the range-low at the time of writing. There are less than 10 days to the FOMC Meeting (19-20 September). Most interest rate traders, >90%, were inclined towards the Fed, keeping the current 5.25% – 5.5% target range. How BTC would react to the Fed’s September announcement remains to be seen.
PEPE on a steady drop
The price action in Q3 chalked a descending channel, underscoring sellers’ leverage. However, PEPE hasn’t cracked the channel’s range-low over the same period. Ergo, we could see a positive reaction at the range-low near $0.00000063 if $0.00000069 fails to hold.
The rebound must clear the mid-range level of 23.6% Fib level ($0.00000087) or $0.00000082
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Author: Benjamin Njiri
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