Despite recent losses, PEPE bulls have managed to defend the $0.0001711 level. The OBV suggests selling pressure isn't overwhelming, and a recovery is more likely than further decline. A bounce to $0.00002-$0.0000225 is expected in the coming days. While a retracement to $0.00001067 is possible, a bullish outlook suggests a move towards $0.0000144 and beyond, potentially reaching $0.000042.
bulls have managed to defend the $0.0001711-level. The OBV revealed that selling pressure was not overwhelming, despite the swift losses of the past three weeks. In fact, it has stayed above the highs from May, revealing that a recovery is more likely than more losses.On the 3-day chart, PEPE ’s price action had a bearish tinge. The structure favored the sellers because of the trading session close at $0.00001705 on 17 December, below the former higher low at $0.00001729 set on 26 November.
To the north, the $0.00001974-$0.00002259 zone represented a fair value gap that could be filled. Hence, a bounce to $0.00002-$0.0000225 can be expected in the coming days. The PEPE memecoin rally in April saw a retracement to the 78.6% level 3 months after forming a new high in late May. If it takes a similar course this time, it could fall to the $0.00001067-level in the coming weeks before it recovers.In recent weeks, it has tested the $100k-level multiple times, hit a new high at $108k, before retracing alongside the stock market in the. Therefore, the coming weeks are more likely to be more bullish for PEPE. We might not see a deeper retracement to the 78.
We can expect a move towards $0.0000144 and a few weeks of lower highs and consolidation, before the meme bursts higher, targeting $0.000042 and beyond. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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