- Pepe is exhibiting a bullish market structure on the daily timeframe.
- The price movement has remained constricted by the range extremes observed over the past six weeks.
Pepe [PEPE] has emerged as one of the top-performing large-cap meme coins, surpassing Dogecoin [DOGE] and Shiba Inu [SHIB]. It has gained 16.71% since the low on Monday, while DOGE and SHIB have only risen by 10% and 13%, respectively.
If a bull run occurs, it would mark the first significant rally for the meme coin, in contrast to the other two, which have already seen price increases during former bull markets. This suggests that PEPE harbors greater potential.
Pepe has not yet broken its short-term range
Source: PEPE/USDT on TradingView
The range formation was not a conventional range, as there have been significant fluctuations above and below the $0.000009 and $0.00000678 levels; nevertheless, these levels represented the approximate boundaries of the range.
The $0.0000077-$0.000008 zone had acted as resistance during the last month, but it was overcome in the recent upswing.
This rally displays substantial upward momentum, as evidenced by the Money Flow Index, with no signs of divergence detected. As a result, the MFI has not yet indicated a sell signal.
The A/D indicator has been on an upward trajectory in the past two weeks, reflecting increased buying pressure for Pepe.
It is likely that the price will push towards the $0.000009-$0.0000095 local resistance area before facing resistance from the bulls. Swing traders already holding long positions may consider profiting from a retest of this area.
The liquidation heatmap underscored the short-term range
The liquidation heatmap indicated that $0.000009 and $0.000006 are likely to be key liquidity zones in the upcoming weeks. A sweep of either pool could prompt a trend reversal.
Explore Pepe’s [PEPE] Price Forecast for 2024-25
This is not a definitive outcome, as robust market sentiment could propel Pepe prices well beyond the established range limits. However, until such confidence takes hold in the market, traders should prepare for continued range-like price movements.
Disclaimer: The information provided here is not intended as financial, investment, trading, or other forms of advice and reflects solely the author’s perspective.
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