Pepecoin Rises, Time To Hold Or Sell?

Pepecoin goes up, it's time to hold or sell (Photo; Doc. The Sun)

JAKARTA - Pepecoin (PEPE) has again attracted the attention of the crypto market after successfully passing short-term resistance levels, sparking questions among investors: is this the right time to hold back or sell? After moving up 58% in the last two weeks, this bullish momentum signifies the potential for higher price movements, but some analysts remain cautious.

Pepe, who is one of the most popular altcoins in the market, has finally come out of a long consolidation period that lasted for several months. Since August, PEPE has been trying to penetrate resistance at 0.00009 US Dollars (approximately IDR 0.14), but has recently shown its strength to approach that level.

Recent data show that this level of resistance is quite strong, but with increasing purchasing pressure, there is a possibility PEPE could penetrate that level and create a new bullish trend. If PEPE manages to close trading this week above 0.00000986 US Dollars (approximately IDR 0.15), the weekly market structure will turn bullish, reinforcing the confidence of coin holders.

Technical indicators show that purchasing pressure on PEPE is getting stronger, as can be seen from the Chaikin Money Flow (CMF) indicator which is at +0.27. This shows a significant increase in purchasing volume over the past two weeks. In addition, the movement of PEPE which has successfully penetrated the 50-day movement average line (50DMA) is also a positive signal that long-term momentum is starting to turn bullish.

However, some traders warned of potential rejection in the US$0.0000123 pricing zone (around Rp0.19) to 0.000013 US Dollars (around Rp0.20), given the large number of addresses that purchased PEPE in that price range. Therefore, swing traders are advised to consider taking part of the current gains, given the possible price corrections.

One of the important levels to note is the integer of 0.00001 US Dollars (approximately IDR 0.15), which now acts as a psychological level. Currently, PEPE is trading above that figure, and strong buying pressure indicates that this level is likely to become a new support zone.

However, according to data from IntoTheBlock, the zones are between 0.00011 US Dollars (around Rp0.17) and 0.000012 US Dollars (Approximately Rp0.18) are large resistance areas. Many investors are buying PEPE in this price range, so there is a possibility some of them will take advantage after a significant lack of bullish movement since last June.

For PEPE holders, the current momentum shows promising bullish potential, especially if prices manage to penetrate important resistance levels. However, with strong resistance in some price zones, taking part of the profits may be a wise step, especially for short-term traders.

On the other hand, for those with long-term views, growing bullish power and support from the psychological level of 0.00001 US dollars could be a sign to stay in the current position, pending further potential increases.