- Pepe has a daily bullish market structure.
- The extremes of the last six weeks of trading continued to limit price movement.
Pepe (PEPE) has been one of the best performing large-cap cryptocurrencies, eclipsing 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 next rally, if it happens, would be the first real rally for the meme currency, while the other two have already seen price expansion in previous rallys. This meant that PEPE had greater potential.
Pepe has not yet exceeded his short-term range
Source: PEPE/USDT on TradingView
The range formation was not a true range as it had significant gaps above and below the $0.000009 and $0.00000678 levels, but these levels represented the approximate 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 is benefiting from strong bullish momentum as shown by the Money Flow Index and no divergence has been detected yet. Therefore, the MFI has not yet shown a sell signal.
The A/D indicator has been trending higher over the past two weeks to reflect increased buying pressure behind Pepe.
The price was likely to reach the local resistance zone of $0.000009-0.0000095 before the bulls were pushed back. Swing traders already in long positions can use a retest of this zone to take profits.
The liquidation heatmap highlighted the short-term range
Source: Hyblock
The liquidation heatmap revealed that $0.000009 and $0.000006 were the main magnetic zones in the coming weeks. A sweep of either liquidity pool would likely result in a trend reversal.
Read Pepe’s (PEPE) Price Prediction 2024-25
This is not a guarantee, as strong market sentiment can push Pepe prices well beyond the extremes of the range. However, until such a strong sentiment takes over the market, traders can continue to anticipate a range-like price action.
Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and represents the opinion of the author only.
