PEPE fronted an extra rally on 23 October, tucking +30% gains on the daily performance. But it faltered at the roadblock of $0.00000105.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.if PEPE defended $0.00000070 as support on 23 October. The projection was validated, and PEPE cleared the next overhead hurdle at $0.00000082.Source: PEPE/USDT on TradingView
On the 4-hour charts, the massive price pump on 23 October left a price imbalance and liquidity around the blue-marked area of $0.00000084 – $0.00000094. The price imbalance zone stretched to the previous resistance at $0.00000082 . The above area could derail bearish overtures and offer buyers another chance for market re-entry. The bullish target will be the immediate overhead roadblock at $0.00000110 and the next obstacle at $0.00000140.
Alternatively, sellers could gain more market edge if the retracement dropped below $0.00000082. Notably, the Spot market demand and capital inflows waned, as indicated by downticks of OBV and CMF. However, the RSI was still in the overbought zone at the time of writing and demonstrated that buying pressure remained high.The short-term pullback was marked by a spike in bearish bets at press time, as shown by Coingalss’ PEPE Long/Short Ratio chart. Additionally, short positions hit 57% against long positions, which were at 42%.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.
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