- PEPE has a strongly bullish market structure and consistent buying pressure.
The retracement sidelined bulls are waiting for might not go as low as they would like.
As a researcher with experience in analyzing cryptocurrency markets, I have been closely monitoring the price action of PEPE (Pepe the Frog coin). Based on my technical analysis and market observation, I believe that PEPE has a strongly bullish market structure and consistent buying pressure.
Pepe (PEPE), unlike other prominent large-cap meme coins, experienced a robust upward trend and surpassed their performance with ease.
Over the last seven days, its value has surged by 57.6%, contrasting DOGE‘s minimal decrease of 1.6% and SHIB‘s insignificant loss of 0.01%.
PEPE is currently aiming for the next Fibonacci extension level, but with potential for significant growth in the long run, it might even spearhead the next altcoin surge.
The strong bullish structure could give bulls a chance to re-enter
Since the beginning of May, the one-day chart has displayed a bullish trend as the price surpassed the $0.00000796 resistance level.
Over the past week, a residual imbalance at the price level of $0.0000122 could potentially serve as a temporary bearish marker for prices in search of equilibrium.
At the $0.0000168 mark, which represents a 61.8% Fibonacci extension (pale yellow), there could be an increase in selling activity among PEPE investors as they chose to cash out their gains.
The RSI reading on the daily chart reached 72, highlighting the robust momentum of the previous two weeks.
The OBV was also swiftly climbing higher to reflect consistent buying volume.
As a researcher studying daily trading volumes, I’ve observed that the volume levels have not reached the extraordinary heights seen in late February. However, the steady advancement of the bullish trend in May could mitigate any potential concerns arising from this observation.
The magnetic zones for PEPE might not be able to reel the prices toward them
Over the past month, the prices tended to concentrate in the vicinity of $0.000008 during market liquidations, which was denoted as a liquidity pocket on the one-day price graph.
As a crypto investor, I’ve noticed that there are significant long liquidations at the $0.00000645 and $0.000007 price levels. However, it’s important to note that these prices represent a 50% discount compared to current market rates.
These zones of potential retreat may not appear just yet. The market mood remained strongly optimistic, particularly towards PEPE. It could continue ascending, provoking additional long positions and increased leverage among eager bulls.
Hence, a move to the Fib extension at $0.0000168 would likely occur before any retracement.
Read Pepe’s [PEPE] Price Prediction 2024-25
If a retracement occurs, I would expect the price to encounter resistance in the range of $0.0000105 to $0.0000103. This level may temporarily halt the initial selling pressure before the market experiences a more significant pullback.
As a researcher studying the cryptocurrency market, I would advise traders to brace themselves for the scenario where Bitcoin‘s [BTC] price doesn’t dip below $0.0000113 for extended periods. This caution is particularly relevant if BTC initiates another bullish trend and pulls PEPE along with it.
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2024-05-27 00:07