- Pepe has a bullish market structure on the daily.
- The range extremes of the past six weeks of trading continued to limit the price movement.
As a seasoned crypto investor with a knack for spotting promising meme coins, I’ve been closely watching PEPE (Pepe) and must say, it has caught my eye. Despite not having broken its short-term range yet, it’s shown impressive resilience, outperforming DOGE and SHIB in recent weeks.
Pepe (PEPE) has been one of the top-performing large-cap meme tokens, surpassing Dogecoin (DOGE) and Shiba Inu (SHIB). After a dip on Monday, it’s seen a 16.71% increase, while DOGE and SHIB have only managed gains of 10% and 13%, respectively.
If a new bull market occurs, it would mark the first significant surge for meme coin PEPE, as opposed to its predecessors which saw price growth during previous bull markets. Consequently, PEPE holds more untapped potential.
Pepe is yet to break its short-term range
The formation didn’t strictly follow a range pattern because there were significant fluctuations both higher than $0.000009 and lower than $0.00000678, yet those figures roughly marked the limits of the fluctuation range.
Over the last month, the range between approximately 0.0000077 and 0.000008 has consistently acted as a barrier for price movement. However, it was broken during the latest surge.
The momentum of this rally is robustly climbing, evident from the Money Flow Index. No divergence has been detected so far, meaning the MFI hasn’t given a sell indication yet.
Over the last fortnight, the A/D indicator has been climbing upwards, signaling growing purchasing activity supporting the stock, Pepe.
It seemed probable that the price might reach the nearby resistance zone ranging from $0.000009 to $0.0000095. At this point, the bulls could possibly be pushed back. Traders who have already gone long in a swing trade can consider cashing out their profits when the price retests this region again.
The liquidation heatmap highlighted the short-term range
As a crypto investor, I’ve been keeping an eye on the liquidation heatmap, and it appears that the areas with the most significant activity are at $0.000009 and $0.000006. It seems like these levels could act as strong resistance or support in the upcoming weeks. If a substantial amount of liquidity is swept from either of these pools, it might trigger a trend reversal.
Read Pepe’s [PEPE] Price Prediction 2024-25
In simpler terms, while it’s possible that Pepe’s prices could surge past the usual limits due to widespread market feelings, for now, traders should expect the prices to move within a certain range. But remember, this isn’t a definite promise because market sentiment can be powerful.
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2024-09-22 20:07