- Pepe has a bullish market structure on the daily.
- The range extremes of the past six weeks of trading continued to limit the price movement.
Pepe [PEPE] was one of the best-performing large-cap meme coins and has outshone 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 arrives, would be the first true run for the meme coin, while the other two have already experienced a price expansion during earlier bull runs. This meant that PEPE had greater potential.
Pepe is yet to break its short-term range
Source: PEPE/USDT on TradingView
The range formation was not a true range as it had sizeable 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 seen on the Money Flow Index and a divergence was not yet spotted. Hence, the MFI has not yet shown a sell signal.
The A/D indicator has trended higher over the past two weeks to reflect increased buying pressure behind Pepe.
It was likely that the price would advance to the $0.000009-$0.0000095 local resistance zone before the bulls were driven back. Swing traders already in a long position can use a retest of this region 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 primary 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-wide sentiment can push Pepe prices well beyond the range extremes. However, until such conviction seizes 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 is solely the writer’s opinion
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