PEPE price prediction: Is a 33% rally on the cards?
Release: 2024/08/08 01:04 Reading: 697
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=412572
PEPE's Recovery Faces Overhead Hurdle
Recovery Challenged at $0.00009
PEPE [PEPE] has been among the leading memecoins driving the recovery after the recent market downturn. Despite a significant drop of over 40% from late July to early August, PEPE has rebounded by 17% since August 6th.
Volume Surge Supports Recovery
Data from Coinglass indicates that memes currently rank second to the Solana ecosystem in terms of Open Interest (OI) rates, reflecting substantial liquidity. This liquidity injection could further propel PEPE's recovery.
Overhead Resistance at $0.0000905
However, a key obstacle remains at the $0.0000905 price level. This area represents both a breaker block on the daily chart and the 61.8% Fibonacci retracement level. For the recovery to continue, PEPE must break above this level.
Weak Indicators Raise Concerns
Despite the positive volume data, indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are showing signs of weakness, indicating that buying strength and capital inflows are not yet robust enough.
Liquidity Cluster at $0.000090
Liquidity data from Coinglass suggests that the next liquidity cluster is at $0.000090. This level aligns with the overhead resistance mentioned earlier. A liquidity grab could potentially drive PEPE towards the 61.8% Fib level.
Impact of BTC's Movement
PEPE's recovery could be limited if Bitcoin (BTC) fails to push beyond $60k. If BTC remains stagnant, it may lead to buyer exhaustion and hinder PEPE's progress.
Conclusion
PEPE's recovery faces a critical overhead resistance at $0.0000905. While volume data is supportive, weak indicators raise concerns about the sustainability of the rally. The recovery could extend if liquidity grabs push PEPE above this resistance level and BTC moves higher. However, if BTC remains stagnant, PEPE's upside potential may be constrained.
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