Impact of US Federal Reserve Minutes on Crypto Market
The crypto and stock markets experienced a downward pull on prices in response to the release of the US Federal Reserve’s minutes this past Wednesday. Despite slowing the pace, the US Federal Reserve has no intention of halting rate hikes entirely, indicating potential future increases.
PEPE Coin Market Reaction and Current Trading Value
The crypto market reacted unfavorably to this development, with trading values slightly dropping. PEPE coin was not immune to this effect, retracting from figures beyond $0.0000017. Currently, PEPE coin is transacting just above $0.0000016.
PEPE Coin: Technical Standpoint and Recent Surge
On a technical front, PEPE coin is showing signs of a resurgence. The 50-day Moving Average (MA), approximately at $0.00000161, has proven a steady support line for PEPE coin, resulting in a minor rise in the past few hours.
Momentum and Moving Averages: A Positive Sign for PEPE
PEPE’s momentum is leaning towards the positive side, as its net price surpasses both the 50-day and 200-day MAs. In addition, the 50-day MA of PEPE coin is higher than the 200-day MA, adding to its bullish momentum.
PEPE Coin: Support Levels and Trading Zones
The 4-hour timeframe chart identifies immediate support for PEPE coin at $0.000001514. Nonetheless, the 50-day MA could provide significant support as well. At this time, PEPE coin’s trading activity leans toward the positive zone, a sentiment reflected by the asset’s uptrending Relative Strength Index (RSI). In recent hours, buyers have managed to surpass sellers.
Understanding Market Sentiment: Momentum Oscillator and Fear and Greed Indicator
The momentum oscillator and the Fear and Greed indicator, although within bearish boundaries, show signs of a market sentiment shift. The momentum oscillator is trending upwards, while the fear and greed bars are decreasing on the bearish axis.
MACD Analysis and Volume Indicators
On the MACD chart, however, the MACD line trails below the signal line, and volume bars linger below 0, indicating a sell signal.
The Overall PEPE Coin Performance
In a holistic view, considering the 4-hour timeframe chart, PEPE coin’s performance can be classified as neutral.