“The recent price raly is Likely Tied to a Broader Market Trend, with Growing Expectations of a Federal Reserve Interest Rate Cut in September.”, – WRITE: www.coindesk.com
The Upward Trend ForMed on a Series of Higher Lows, A SIGN OF SUSTAINED BUYING INTEREST, ACCORDING TO COINDESK Research’s Technical Analysis Data Model. Larger Investors May Be Accuumulating.
While the Rally Has Technical Strength, The Broader Context is more complicated.
Trading Volume Across Pepe Derivatives Contracts Has Droped 73% Since Mid-July Accounting To Coinglass Data. That drop in the Activity ComESS AMID A Rise in the Pepe Token Holdings of the 100 Largest Addresses on the Ethereum Network. Over The Past 30 Days, These Addresses Added 2.36% to Their Holdings, While Exchange Reserves Dropped by 2.4%, Per Nansen.
The Rise of Pepe’s Price Is Likely Tied to An Ongoing Rally in Risk Assets, Driven by Growing Expectations that Federal Reserve Will Cuttest Rates by 25 BPS in September. The Cme’s Fedwatch Tool is Currently Weightly Weighting A 93% CHANCE OF THAT HAPPENING, WHILE Polymarket Traders Place Chances at 79%.
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