- The price action and market structure of PEPE were strongly bullish even on the 1-day timeframe.
The futures market highlighted bullish sentiment in the short term, which could lead to sustained gains.
As an experienced market analyst, I’ve closely monitored PEPE‘s price action and market structure, and I’m bullish on this meme coin’s prospects. The 1-day chart displayed strong bullish signs with the recent local highs being breached, indicating a potential move towards the next targets of 23.6% and 61.8% extension levels.
Pepe (PEPE), having been on an impressive upward trajectory, hit new local peaks. According to a recent analysis by AMBCrypto, there was speculation of a potential 30% price surge, which the market’s latest surge appears to confirm.
Whales had been amassing the token in preparation for further price increases. The sentiment surrounding the meme coin, as indicated by the Weighted Score, remained optimistic, signaling a bullish outlook.
The local high was breached, and the next targets were clear
As a researcher studying the price movements of PEPE in March, I observed that the cryptocurrency reached a high of $0.00001084 around the middle of the month. However, this upward trend was met with selling pressure, causing the price to retreat. The decline only extended down to the 61.8% Fibonacci retracement level before a recovery initiated.
Once the $0.00000796 level was flipped to support, the bias became strongly bullish.
For nearly a month, the Relative Strength Index (RSI) on the daily chart has remained above the 50-neutral mark, while the On Balance Volume (OBV) exhibited a robust upward trend, indicating significant buying activity. These indicators lent credence to the notion of potential price advancement.
As an analyst, I would interpret the given information by saying: The projected extensions for Bitcoin‘s [BTC] potential price increase were 23.6% and 61.8% higher. However, considering the volatile nature of Bitcoin, reaching these levels could take some time due to its unpredictable price movements. Therefore, while keeping an eye on PEPE‘s progression towards these targets, it is essential to remain patient and prepared for potential market fluctuations.
The futures market conveyed firm bullish conviction
As a crypto investor, I’ve noticed an intriguing development in the market. The open interest (OI) for my preferred cryptocurrency surged from $300 million on May 13th, all the way up to $511 million at the present moment. Meanwhile, the asset’s price experienced a 30% rise during this period. In contrast, the OI nearly doubled, increasing by approximately 70%. This trend suggests growing market activity and potential volatility.
This was a sign of intense bullish sentiment and speculators eager to go long on the meme coin.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
During this rally, the combined liquidation data revealed that a large number of short positions were wiped out, contributing significantly to the price surge.
A retest of the $0.0000108 region as support could present a short-term buying opportunity.
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2024-05-15 00:08