- Pepe has a bullish market structure on a daily basis.
- The extremes of the past six trading weeks continued to limit price movement.
Pepe [PEPE] was one of the best performing big cap meme coins, surpassing Dogecoin [DOGE] and Shiba Inu [SHIB]. It is up 16.71% from Monday’s low, compared to 10% for DOGE and 13% for SHIB.
The upcoming bull run, if it comes, would be the first real run for the meme coin, while the other two have already experienced a price increase during previous bull runs. This meant that PEPE had greater potential.
Pepe has yet to break his short-term reach
Source: PEPE/USDT on TradingView
The range formation was not a true range as there were significant deviations above and below the $0.000009 and $0.00000678 levels, but these levels represented the rough extremes of the range.
The $0.0000077-$0.000008 region has served as resistance over the past month, but was breached during the recent rally.
This rally has strong upward momentum, as evidenced by the Money Flow Index, and there is no divergence yet. Therefore, the MFI has not yet given a sell signal.
The A/D indicator has moved higher over the past two weeks due to increased buying pressure behind Pepe.
It was likely that the price would rise to the local resistance zone of $0.000009-$0.0000095 before the bulls were pushed back. Swing traders who are already in a long position can use a retest of this region to take profits.
The liquidation heatmap highlighted the short-term range
The liquidation heatmap showed that $0.000009 and $0.000006 were the key magnetic zones in the coming weeks. A sweep of either liquidity pool would likely result in a trend reversal.
Read Pepe’s [PEPE] Price forecast 2024-25
This is not a guarantee, as strong market-wide sentiment could push Pepe prices well beyond the range. However, until such a belief takes over the market, traders can continue to anticipate price action similar to that of a range.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
