- Pepe does not yet have a bullish market structure on the daily timeframe.
- The 50% price bounce was encouraging, but a Bitcoin price dip can affect the sentiment badly.
As a seasoned researcher with extensive experience in analyzing cryptocurrencies, I have closely monitored Pepe’s [PEPE] price action and market structure. While the memecoin managed to break out of its range earlier this month, there are some signs that caution is warranted.
As an analyst, I’ve noticed that PEPE, the memecoin in question, has successfully broken free from the price range it established earlier this month. Initially, its on-chain metrics didn’t instill much confidence in potential investors a few days ago. However, surprisingly, PEPE has managed to sustain its recent gains despite these initial indicators.
On the daily chart, the bullish trend has regained momentum. However, the uptrend has not been firmly reinstated yet. According to Pepe’s price prediction derived from the liquidation chart, there is a take-profit level that must be transformed into a support level for confirmation of a potential continuation in the bullish direction.
The range breakout was a sign of bullish intent
Prior to Bitcoin (BTC) surpassing the $61,000 resistance level on July 15th, Dogecoin (DOGE) remained close to its previous median price of around $0.0000088.
The BTC rally from $61k to $64k gave PEPE bulls confidence.
On the 15th of July, the volume significantly increased, signaling a shift in market momentum. As of now, the Awesome Oscillator hovers above the zero line, reflecting robust bullish energy.
On the other hand, the OBV was yet to break June’s highs.
At the price levels of $0.0000132 and $0.000014, there exists a significant resistance zone. Notably, this area coincides with where previous lower highs on the daily chart were established during June. Consequently, it is likely that the market will encounter resistance and potentially reverse course upon reaching these price points.
PEPE price prediction — Full steam ahead?
In simple terms, the heatmap representing the liquidation of assets revealed that significant losses occurred for large liquidity holders around $0.000008 in early July.
The bulls successfully held the line at this price point, yet there’s unexplored demand around $0.000008.
Read Pepe’s [PEPE] Price Prediction 2024-25
To the north, the $0.000014 region is of interest and concurs with the price action analysis.
The upcoming shift in the market could potentially decide whether the bulls will be able to surmount the minimal barrier of $0.000014 within the near future. If they succeed, the token’s uptrend may persist. Conversely, if they fail, the token might experience a significant pullback or even erase most of its recent advancements.
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2024-07-19 15:03