The listing of PEPE’s perpetual contracts by Coinbase has caused its price to spike. However, futures market traders were betting against the token.As of this writing, PEPE exchanged hands at $0.000006692 and ranked as the fourth crypto asset with the most gains in the past seven days, according toAn assessment of PEPE’s price performance on a 1-day chart revealed the re-emergence of the bulls and a significant decline in bearish sentiments.
This crossover often suggests that an asset’s market momentum is turning more bullish. Market participants usually interpret it as a buy signal to take long positions and exit short ones while they wait for further price increases. This indicated that while bullish pressure might have risen, some bearish elements remained in the market.
This indicator measures the relationship between the strength of buyers and sellers in the market. When its value is positive, it means that bull power dominates the market.Further, readings from PEPE’s Directional Movement Index showed that its positive directional index crossed above its negative index on 22nd April.
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Source: CryptoAmb - 🏆 22. / 68 Read more »