- PEPE has a bullish structure but momentum and buy pressure have waned considerably.
The liquidation levels data showed that a bearish trend could take over soon.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored PEPE (PEPE) over the past few weeks. My analysis reveals that this meme coin has been trading within a consolidation phase for the past twelve days. Although it has managed to remain above the significant support level of $0.00001129, it has failed to advance beyond the resistance at $0.000014.
Over the previous twelve-day period, PEPE‘s price remained stable around the $0.00001129 support mark. Despite trading above this level, it struggled to break through the $0.000014 resistance.
A recent analysis of the meme coin revealed that a majority of the holders were in profit.
Based on my analysis of the liquidation levels, it appears that Bitcoin‘s [BTC] price is poised to rise in the near future, assuming it avoids a sudden reversal or downtrend in the short term.
The overhead resistance was respected
The twelve-hour RSI chart has been gradually decreasing since the 15th of July. Currently, it stands at 50.47, reflecting a neutral momentum.
Capital inflows have been insignificant since the 25th of July, as indicated by the Consolidated Market Fund (CMF) remaining beneath the +0.05 mark.
As an analyst, I’ve observed that PEPE has shown notable consolidation during the past two weeks. The price ranges between $0.0000113 and $0.0000127 have defined this short-term price action.
With declining trade volume, PEPE did not yet show signs of a breakout.
The magnetic zone around $0.000014 should be interesting for traders
As a researcher studying the liquidation patterns of Pepe’s market, I observed that a particular price range between $0.000014 and $0.0000148 stood out with an abundance of liquidation levels. This densely populated area may exert a significant pull on the cryptocurrency’s prices.
Over the past two weeks, the accumulation of events has led to an uptick in potential selling points in this specific region, making it more probable for significant price movements to occur within the following week or so.
To the south, the $0.000007-$0.0000076 zone is a target.
As an analyst, I’ve observed an intriguing pattern from the liquidity levels chart: there are more short positions than long ones currently open in the market. This situation carries potential risks and opportunities. If the price starts moving upward, it could force short-sellers to buy back their shares to limit their losses – a phenomenon known as a short squeeze. Alternatively, the price surge might be driven by market sentiment or external factors, compelling more investors to enter long positions, pushing the price even higher.
The short-term price ranges of $0.0000123 to $0.0000126 were promising levels for potential bullish gains over the next 48 hours.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
PEPE could potentially reach a peak of $0.000014 in its upward trend, but the likelihood of a bullish continuation seems unlikely given Bitcoin’s recent pullback from the $69k mark.
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2024-07-28 20:28