PEPE recently experienced a substantial surge of more than 250%, reaching a new all-time high (ATH) of $0.0000284 on December 9th. This remarkable growth coincided with the wider memecoin trend and the continued bullish market sentiment towards Bitcoin.
Currently, PEPE is valued at $0.0000239, with the 20-day EMA acting as a robust support during the recent market correction. A consistent recovery from this point could drive the price towards a phase of price discovery, potentially leading to a new ATH.
Key Levels to Monitor
Following its ATH, PEPE has been fluctuating between $0.000018 and $0.0000247, indicating uncertainty among traders.
Important levels to observe include:
Support: The range of $0.000018 to $0.00002, in conjunction with the 20-day EMA, represents a crucial support region for buyers. A descent below this interval could challenge the existing bullish trend, exposing the token to downside risks towards $0.000015.
Resistance: A definitive breakthrough above the $0.000025 barrier might pave the way for buyers to target the previous ATH of $0.0000284. Surpassing this threshold could initiate an extended upward movement towards $0.00003.
Technical indicators are indicating a sense of cautious optimism. The RSI, at present, is hovering around 61, showcasing moderate bullish momentum. Although it appears distant from the overbought territory, the likelihood of a consolidation phase around the current levels cannot be discounted.
Additionally, the MACD has yet to display a complete bearish crossover, suggesting potential short-term pressure on sellers. Nevertheless, traders are advised to await the stabilization of the Signal line before anticipating a reversal in the trend.
Data from Derivatives Unveiled
Notably, the trading volume witnessed a decline of approximately 48.93% over the last day, indicating reduced market participation post the recent rally.
The Open Interest displayed a marginal uptick of 0.38%, pointing towards cautious engagement from traders. The overall long/short ratio slightly below 1 reflects a neutral trend. However, the ratio on OKX platform indicates a strong bullish bias as it exceeds 3.
Within a 24-hour timespan, liquidations totaled $8.74 million, with long positions contributing $6.07 million, and shorts $2.68 million. The prevalence of significant long liquidations suggests that the recent price pullback caught excessively leveraged long traders by surprise.
With Bitcoin’s persistent bullish trajectory possibly bolstering a continued upswing for the memecoin, traders are urged to exercise prudence due to PEPE’s high volatility, which could lead to abrupt reversals.