- Pepe rose 48% in 24 hours, setting a new all-time high.
- The rally faced resistance at the 61.8% Fibonacci extension level.
Pepe [PEPE] has intense bullish momentum similar to what it saw in May. The meme coin rose past local resistance levels to set a new all-time high at $0.00002597. The token rose 47% on Wednesday, November 13.
Pepe saw increased buying activity on decentralized exchanges (DEX) earlier this week. Traders and investors expected a ‘meme coin super cycle’ and the massive Dogecoin [DOGE] the profits can be converted into PEPE in the coming months.
Bulls Face Temporary Roadblock on 61.8% Expansion
Source: PEPE/USDT on TradingView
Based on the Pepe rally in April and May, a series of Fibonacci retracement levels were plotted. In the months since, the 61.8% and 78.6% retracement levels have served as solid support levels.
Ten days ago, a divergence below the 61.8% level at $0.000009 sparked the rally that sent the price to new highs. The long-term Pepe price forecast is extremely bullish. There is speculation that it could overtake Dogecoin in market capitalization during this cycle.
That may be too optimistic, since DOGE is the most popular meme and has been for years. However, bull market sentiment could turn wildly bullish, reaching $40 billion or more, as Pepe’s market cap isn’t far-fetched.
Pepe short term price forecast
The 1-day liquidation chart highlighted the $0.0000247 and $0.0000224 as the nearest high liquidity levels. With Bitcoin [BTC] Back above $90,000, short-term sentiment was bullish and a rise was slightly more likely.
Traders should be prepared for a deeper dip despite the short-term sentiment. There was a cluster of significant liquidation levels from $0.0000209 to $0.0000232.
Therefore, a retest of this zone would be a buying opportunity as the token would likely turn bullish following a clearing of this liquidity.
Read Pepe’s [PEPE] Price forecast 2024-25
News of the Coinbase listing is expected to take PEPE to new highs, but could reduce bullishness in the near term, giving the token time to consolidate.
Traders should be prepared for both scenarios and manage risk accordingly, while investors only need to HODL for a few months.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer