- Strong momentum and buying pressure should ultimately force PEPE to surpass July highs.
- In/Out of the Money data showed that this resistance zone was particularly strong.
Pepe (PEPE) was one of dozens of popular altcoins that broke out after a months-long consolidation and limited trading. Since August, the third-largest meme coin has struggled to break the $0.000009 resistance convincingly.
A 58% rise over the past two weeks, coupled with a bullish breakout in the market structure, will encourage PEPE holders. Should they take profits and wait for the next move, or continue to hold on in anticipation of a continuation of the rally?
PEPE sees slight price decline after approaching three-month resistance
Source: PEPE/USDT on TradingView
The weekly chart shows that if Sunday’s trading session closes above $0.00000986, the weekly structure would be bullish. The daily structure was bullish and has been since September 20.
The 78.6% Fibonacci level was defended and the rally to the June and July highs was a refreshing sight. A rejection of the zone 0.0000123-$0.000013 is always possible. Therefore, swing traders already in position should consider taking at least some of the profits.
The CMF was at +0.27 to underline the strong buying pressure of the last two weeks. PEPE’s move above the 50DMA was another sign that long-term momentum was changing in a bullish manner.
Psychological resistance has been overthrown
Source: In the block
The round number $0.00001 is a psychologically important level. At press time, the meme coin was trading above this level and the heavy buying pressure meant it was likely to convert into a support zone.
Read Pepe (PEPE) Price Prediction 2024-25
Data from IntoTheBlock showed that the $0.000011 to $0.000012 range is a large resistance zone. Many addresses have purchased the token in this price range and some may be tempted to sell it after the lack of upward movement since June.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
