- PEPE maintained its bullish structure in H12.
- The key swing points shown on the chart are where we can see the PEPE short-term trend reversing.
Pepe (PEPE) has been trapped below lower period resistance levels for the past few days. Although the bullish momentum from earlier this month has stalled, the long-term bias remains positive for Memecoin.
A recent AMBCrypto report highlighted underweight sentiment towards PEPE. According to the report, selling pressure is also increasing.
PEPE bull market unable to fight short-term selling pressure
Source: PEPE/USDT on TradingView
The market structure for PEPE was bullish on the 12-hour chart. A break below the swing low of $0.00000581 would be required to flip the structure to bearish. According to RSI, momentum was neutral.
The reading was in the 50s and hasn’t been above 60 for two weeks. Momentum was not bullish. Likewise, Chaikin Money Flow could not rise above +0.05. If successful, this would reflect significant capital inflow into the PEPE market.
Current evidence suggests that a consolidation phase was underway. A retest of the golden pocket between the 50% and 61.8% Fib retracement levels would present a buying opportunity.
PEPE may be attracted to local highs in search of liquidity.
Source: Hiblock
Technical analysis showed that momentum was neutral and further sideways movement in price was expected. When a movement begins, there are two objectives for traders to observe.
Liquidation levels were concentrated in the $0.0000056 area to the south. If the price falls below this level, the bullish structure may be broken. Likewise, the area from $0.000009 to $0.00000986 is also an area of interest.
Realistic or not, PEPE’s market cap in BTC terms is:
Above that, $0.000011 was another level with many liquidations. PEPE may gravitate towards this level and a liquidation could result in further profits before the market stabilizes.
Therefore, holders can try to take a partial profit if the price rises to $0.000011.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.