Quick overview
- The Crypto Fear & Greed Index has risen to 71, indicating a shift to ‘Greed’ sentiment in the market.
- Pepe (PEPE) is currently priced at $0.00001285, experiencing a 12.52% drop in 24 hours but a 77.17% increase over the past week.
- The price is forming a symmetrical triangle pattern, suggesting potential for a breakout, with immediate resistance at $0.00001350.
- Traders are advised to wait for a confirmed breakout before making any commitments, as current enthusiasm may not be sustainable.
The crypto market is bullish again. As of today the Crypto Fear & Greed Index is 71 – in the “Greed” zone. That’s up from 32 last month and 66 yesterday. The index hit 15 in March 11th – extreme fear. But now with sentiment flipping sharply, momentum has definitely improved.
The index which measures sentiment using volatility, trading volume, social media and surveys suggests growing confidence. The yearly highs reached “Extreme Greed” of 88 in November 2024 and with the current reading approaching that, many are preparing for breakout volatility.
PEPE Price Action: Compression is a Big Move
Pepe (PEPE) is at $0.00001285, down 12.52% in 24 hours but up 77.17% in the past week. The meme token is squeezing into a symmetrical triangle on the 2H chart – a pattern for breakouts.
-
Immediate resistance: $0.00001350
-
Immediate support: $0.00001250
-
Breakout target (bullish): $0.00001421 – $0.00001540
-
Breakdown risk (bearish): $0.00001194 – $0.00001091
Price failed to reclaim the 50-EMA at $0.00001307 and MACD is slightly bearish. The tight candles with long wicks mean both bulls and bears are testing waters without full conviction. With volume declining and volatility compressed, traders should be on high alert for a big move – especially around $0.00001350.
Market Sentiment vs Price Reality
The broader crypto market’s sentiment boost as seen in the Fear & Greed Index adds to the tailwind for meme tokens like PEPE. But sentiment alone isn’t enough. A sustained breakout will require volume confirmation and a break above the triangle. Without it, the current enthusiasm will flip to doubt.
While sentiment is rising, price action is the final arbiter. Until PEPE closes outside the wedge, traders are better off waiting for a confirmed breakout before committing to the next move.
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
www.fxleaders.com