PEPE gains 57% in 7 days, but bulls wait for something else

4 weeks ago 81
  • PEPE has a powerfully bullish marketplace operation and accordant buying pressure.
  • The retracement sidelined bulls are waiting for mightiness not spell arsenic debased arsenic they would like.

Pepe [PEPE] was successful a beardown uptrend and has comfortably outperformed the different well-known large-cap meme coins.

In the past week, it has gained 57.6%, compared to Shiba Inu’s [SHIB] -0.01% oregon Dogecoin’s [DOGE] 11.6%.

It has its sights acceptable firmly connected the adjacent Fibonacci hold level, but successful the agelong term, it could spell much, overmuch higher. Could PEPE catalyze the adjacent altcoin run?

The beardown bullish operation could springiness bulls a accidental to re-enter

PEPE D1 TradingView

Source: PEPE/USDT connected TradingView

The one-day illustration has been bullish since aboriginal May, erstwhile prices breached the $0.00000796 resistance.

In the past week, the imbalance near down astatine $0.0000122 mightiness beryllium a short-term bearish people if prices question liquidity.

The 61.8% Fibonacci hold level (pale yellow) astatine $0.0000168 was a spot wherever selling unit mightiness elevate arsenic PEPE holders realized profits.

The RSI connected the regular illustration was astatine 72, which underlined the spot of the past 2 weeks’ momentum.

The OBV was besides swiftly climbing higher to bespeak accordant buying volume.

The trading measurement each time did not skyrocket similar it did successful precocious February, but that mightiness not beryllium a interest owed to the consistency of the bulls successful May.

The magnetic zones for PEPE mightiness not beryllium capable to reel the prices toward them

The past month’s liquidation levels were clustered astir the $0.000008 zone, which was besides marked connected the 1-day terms illustration arsenic a liquidity pool.

The $0.00000645 and $0.000007 levels besides person a immense excavation of agelong liquidations successful store. However, these prices are 50% beneath the existent marketplace prices.

A retracement to these zones mightiness not hap yet. The marketplace sentiment was firmly bullish, particularly down PEPE. It could ascent higher to entice much agelong positions with higher leverage from impatient bulls.

Hence, a determination to the Fib hold astatine $0.0000168 would apt hap earlier immoderate retracement.

Read Pepe’s [PEPE] Price Prediction 2024-25

In the lawsuit of a retracement, the $0.0000105-$0.0000103 country mightiness repel the archetypal question of sellers earlier a deeper retracement.

Traders should beryllium prepared for the anticipation that prices mightiness not autumn beneath $0.0000113 for galore weeks, particularly if Bitcoin [BTC] begins different determination higher and takes PEPE on with it.

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

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