- Bulls were weak but could force a sentiment shift at the Fibonacci retracement level.
- The liquidity cluster around $0.000014 is likely to attract prices to it but will need time to play out.
As a seasoned crypto investor with battle-tested nerves and a knack for spotting trends, I find myself at a crossroads with Pepe [PEPE]. The bulls have shown signs of weakness, but they could potentially force a sentiment shift at the Fibonacci retracement level. However, the memories of July’s support zone at $0.0000085 still linger, and it seems that PEPE is once again headed toward this familiar territory.
Pepe [PEPE] was unable to push past the $0.0000085 zone that had served as support in July.
As a researcher, I’ve observed that recent whale purchases have failed to boost the overall optimism, and the meme coin is now trending towards its closest support level.
On the larger time scales, there’s a possibility that a symmetrical triangle could form, but it seems improbable to bolster the bullish case in the near future.
The vital Fibonacci retracement level is the next target
As a crypto investor, I’ve got my eyes on the next potential target – the 78.6% level at $0.00000678. Recently, the daily Relative Strength Index (RSI) has shown significant bearish momentum, while the On-Balance Volume (OBV) indicates consistent selling pressure over the past three weeks. This could be a sign that we might see further price decline in the near future.
The sellers were so strong, it was possible that the nearby support might not hold.
PEPE investors might be wishing otherwise, but they should still brace themselves. There’s a possibility that the price could fall to $0.000004 within the next month or so, and it’s important to keep this potential scenario in mind.
A significant increase in On-Balance Volume (OBV) would be extremely reassuring, and so would a Relative Strength Index (RSI) crossover above 50, which is considered neutral. For swing traders, it could be advantageous to consider purchasing close to the current lows at $0.000006 while keeping a tighter stop-loss in place.
The liquidation heatmap promises a move to $0.000014
Read Pepe’s [PEPE] Price Prediction 2024-25
The 3-month chart indicating potential sales demonstrated that the price range exceeding $0.000006 contained some market activity. On the other hand, the $0.000014 zone stood out prominently, suggesting it as a significantly more appealing focus for PEPE investors.
In simpler terms, if Bitcoin manages to halt its downward trend, a drop in price to around $0.000006 might occur first, followed by a rise above $0.000014. This sequence could potentially take place.
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2024-08-17 04:07