Reporter
Pepe [PEPE] became part of the leading memecoins leading the healing after the current market carnage. The frog-themed memecoin diminished by over 40% in between late July and the 5th of August.
As of press time, the meme coin was up 17% in between the 6th and the 7th of August. Provided the huge interest the memecoin story was getting at the time of composing, the rally might extend.
On the 7th of August, Coinglass information revealed that memes ranked 2nd to the Solana environment on Open Interest (OI) rates, with +9%.
In other words, memes brought in considerable liquidity, which might enhance PEPE’s continuous healing.
There was one issue.
Can PEPE clear its overhead barrier?
Source: PEPE/USDT, TradingView
The cost location around $0.0000905 might be a crucial obstruction for the healing. The level was a confluence of a breaker block (significant red) on the everyday chart and the 61.8% Fibonacci retracement level.
The Fib retracement tool (yellow) was put in between May highs and April lows. Based upon the tool, the current dump stopped at 78.6% Fib level.
The healing should install above the 61.8% Fib level to reveal bulls’ conviction to extend the rally.
A retest of the overhead resistance at the 61.8% Fib level will efficiently top the healing gains at 33% from the 78.6% Fib level.
Clearing the 61.8 Fib level resistance might be an obstacle provided the weak readings on RSI (Relative Strength Index) and CMF (Chaikin Money Flow) as of press time.
This implied that purchasing strength and capital inflows recuperated, however weren’t strong enough.
XRP purchasing volumes increase, however …
Source: Coinalyze
The above healing was supported by greater purchasing volumes than sell orders, as revealed by the uptick in area CVD (Cumulative Volume Delta).
How far can the purchasing volumes and the cost healing last? According to liquidity information from Coinglass, the next liquidity cluster was at $0.000090.
Check out PEPE’s Price Prediction 2024– 2025
Surprisingly, the cluster level resembled the overhead resistance seen on the charts.
As an outcome, a liquidity grab might strengthen the healing to the 61.8% Fib level. Purchaser fatigue might set in for PEPE if BTC does not advance beyond $60k.
Source: Coinglass
2018, BidPixels