- Pepe does not yet have a bullish market structure on the daily time frame.
- The 50% price increase was encouraging, but a Bitcoin price drop could negatively impact sentiment.
Pepe [PEPE] broke out of the range it formed earlier this month. The memecoin’s on-chain metrics would not have inspired confidence a few days ago, but against expectations, Pepe managed to maintain recent gains.
Momentum has shifted bullish on the daily basis, but the uptrend has not yet recovered. The Pepe price forecast based on the liquidation chart showed a take profit level that needs to be reversed to support.
The range breakout was a sign of bullish intent
Source: PEPE/USDT on TradingView
Until the convincing Bitcoin [BTC] After breaking past the $61,000 resistance on July 15, the memecoin traded just above the former mid-range at $0.0000088.
The BTC rally from $61,000 to $64,000 gave confidence to the PEPE bulls.
Volume increased on July 15 and the momentum began to shift. At the time of writing, the Awesome Oscillator was above the zero level, showing strong bullish momentum.
On the other hand, the OBV had yet to break the June highs.
The resistance zone at $0.0000132-$0.000014 is also where the recent lower highs on the daily chart occurred in June. Therefore, a move towards these levels is expected.
PEPE Price Prediction: Full Speed Ahead?
The liquidation heatmap showed that the large losses in early July brought the large liquidity pool to $0.000008.
The bulls were able to defend this level, but there is some untested liquidity just below $0.000008.
Read Pepe’s [PEPE] Price forecast 2024-25
To the north, the region of $0.000014 is interesting and corresponds to the price action analysis.
Whether the bulls can turn around $0.000014 in the coming days will likely determine whether the token can continue its rally, or regain most or all of its recent gains.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.