- PEPE experienced steady demand throughout the rally on the spot market.
- The H4 swing levels could be viewed by traders as extremes in the range.
Pepe [PEPE] On the 5th March, the cryptocurrency market also saw a sharp decline. Bitcoin [BTC] On that day, the stock hit its ATH (in USD) of $69k and fell to a low price of $59k a couple hours later.
AMBCrypto reported On the 3rd March, a whale withdrawn $6.3 million in PEPE from Binance. This was a bullish signal for the cryptocurrency, along with the technical indicators. memecoin.
PEPE and range-formation of the lower timeframes
The market structure was bullish on the chart. The swing-low for the 12-hour timeframe was set at $0.00000263. This means the market structure would remain bullish up until the prices dropped. below this level.
The 4-hour chart shows that the swing-low at $0.00000495, which is the pivotal low for bulls to defend, is critical. A PEPE decline below this mark will cause the market to shift in a bearish direction on the four-hour time frame.
The swing low of $0.0000087, and the high local at $0.0000087 are the extremes for a short term range. They can be traded accordingly.
As momentum slowed, the RSI reading on the H12 chart fell. However, it still displayed a reading above 70 which indicates overbought condition.
This does not necessarily mean that another pullback will occur. As selling pressure increased, the OBV also fell over the last few days. But this was only a slight dip. gains made Over the last ten days.
How to assess sentiment on the futures markets
![Pepe Coinalyze metrics](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709970368_19_Buy-PEPE-or-wait-Heres-what-price-predictions-are-telling.webp.webp)
![Pepe Coinalyze metrics](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1709970368_19_Buy-PEPE-or-wait-Heres-what-price-predictions-are-telling.webp.webp)
Source: Coinalyze
Since the 4th March, the Open Interest of the meme coin has been trending downward. Over the last 12 hours it has risen from $60.15 to $78.8 million. This showed that the bullish conviction had been re-asserted.
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During PEPE’s rally, the spot CVD trend has also been higher. This metric did not slow down, which indicated that demand was high. More gains are therefore expected.
To the north the level of $0.000011 was the next Bullish target
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Source: ambcrypto.com