- Strong buying momentum and pressure should ultimately lead PEPE to surpass the July peaks.
- The analysis of in/out of the money data indicated that this resistance area is particularly robust.
Pepe [PEPE] emerged as one of several notable altcoins that exited a prolonged consolidation phase. Since August, this third-largest meme coin has encountered challenges in decisively breaking the $0.000009 resistance level.
Over the past two weeks, a 58% surge, combined with a bullish shift in market structure, has brought optimism to PEPE holders. Should they cash out and await the next movement, or maintain their positions hoping for a continued uptrend?
PEPE experiences a slight price correction after approaching a three-month resistance
Source: PEPE/USDT on TradingView
The weekly chart indicates that if the trading session on Sunday closes above $0.00000986, it would affirm a bullish turn in the weekly structure. The daily structure has maintained a bullish trend since September 20th.
The 78.6% Fibonacci level was successfully defended, and the advance towards June and July highs has been encouraging. A potential rejection from the $0.0000123-$0.000013 range is still a possibility, causing swing traders in position to consider securing partial profits.
The CMF stood at +0.27, reflecting the substantial buying pressure witnessed over the last two weeks. Moreover, PEPE’s movement above the 50DMA further indicated a bullish shift in long-term momentum.
The psychological resistance has been transformed
The level of $0.00001 is psychologically significant. As of the current moment, the meme coin is trading above this threshold, and the substantial buying pressure suggests that it could transform into a support zone.
Explore Pepe’s [PEPE] Price Prediction for 2024-25
According to data from IntoTheBlock, the $0.000011-$0.000012 range represents a considerable resistance area. Numerous addresses purchased tokens within this price range, and they may feel inclined to sell following the lack of bullish momentum since June.
Disclaimer: The views presented are not intended as financial, investment, trading, or other forms of advice and solely reflect the author’s opinion.
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