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

  • PEPE has a very bullish market structure and consistent buying pressure.
  • The retracement expected by the bulls may not go as far as they would like.

Pepe [PEPE] It is in a strong uptrend and has significantly outperformed other well-known large meme coins.

It has risen 57.6% in the past week. By comparison Shiba Inu [SHIB] -0.01% or Dogecoin [DOGE] It’s 11.6%.

With its sights set firmly on the next Fibonacci extension level, it could go much higher in the long term. Will PEPE be the catalyst for the next altcoin rally?

A strong bullish structure could give the bulls a chance to re-enter.

PEPE D1 Trading View

PEPE/USDT. Source: TradingView

The 1-day chart has been bullish since early May when the price broke out of the resistance at $0.00000796.

Over the past week, the remaining imbalance at $0.0000122 could be a short-term bearish target if price seeks liquidity.

The 61.8% Fibonacci extension level at $0.0000168 (light yellow) was where selling pressure could potentially increase as PEPE holders realize profits.

The RSI on the daily chart was 72, highlighting the strong momentum over the past two weeks.

The OBV also rose rapidly, reflecting consistent buying volume.

Daily trading volume hasn’t surged like it did in late February, but that may not be a concern given the consistency of the bull market in May.

PEPE’s magnetic zone may not be able to draw prices towards it

PEPE Liquidation Level

sauce: High Block

Liquidation levels over the last month have been concentrated in the $0.000008 zone, which was also marked as a liquidity pool on the daily price chart.

Massive long liquidations are also expected at the $0.00000645 and $0.000007 levels, however these prices are 50% lower than the current market price.

A retracement to these zones may not happen yet. Market sentiment has been bullish, especially on the back of PEPE. There may be further upside as impatient bulls seek to extract more long positions with higher leverage.

Therefore, a move towards the Fib extension at $0.0000168 will likely occur before a retracement.

Pepe’s [PEPE] Price Forecast 2024-25

If a retracement does occur, the initial wave of sellers may be repelled before a deeper retracement in the $0.0000105 to $0.0000103 area.

Traders should be prepared for the price, especially for Bitcoin, to not drop below $0.0000113 for weeks. [BTC] It starts to rise further, and PEPE joins in.

Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and consists solely of the opinions of the authors.