PEPE drops to key bullish zone – Will bulls defend it?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• PEPE struggled to clear the $0.00000190 value ceiling. 
• The lately accrued tokens are but to be moved.

Bitcoin’s [BTC] sharp reversal after hitting a brand new excessive of $31.8k negatively impacted Pepe [PEPE]. The meme coin dropped over 7% up to now 24 hours, buying and selling at $0.00000162 on the time of writing. 

How a lot are 1,10,100 PEPE price at the moment? 

Nevertheless, it has eased into an important bullish zone and will supply near-term bulls a lifeline if BTC doesn’t drop beneath $30k. 

Will this bullish zone maintain?

Supply: PEPE/USDT on TradingView

BTC’s value pump on 13 July noticed it grace a brand new excessive of $31.8k, pulling up PEPE to intention on the current value ceiling at $0.00000190. However PEPE faltered close to the resistance, inviting short-sellers to hunt positive factors in the direction of instant assist of $0.00000150. 

When zoomed out on the day by day chart, the above instant assist aligns with a bullish order block (OB) of $0.00000136 – $0.00000162 (cyan). So, the world might act as a bullish stronghold. It might enable bulls to inflict a corrective rebound focusing on the native excessive of $0.00000190. 

However sellers might lengthen positive factors past the bullish zone if BTC drops beneath the $30k psychological stage. In such a bearish situation, $0.00000131 and $0.00000120 will probably be key curiosity ranges. 

In the meantime, the RSI (Relative Energy Index) retreated from the overbought zone and steadied close to the impartial stage. A rebound from the impartial stage will sign elevated shopping for strain and leverage to bulls.

However the CMF (Chaikin Cash Stream) breached beneath the zero mark. It denotes vital capital outflows from PEPE up to now few hours. 

Just lately accrued tokens had been unmoved

Supply: Santiment

In response to Santiment, the 90-day Imply Coin Age metric has risen since early June, implying wide-network accumulation of PEPE in the identical interval.

As well as, the shortage of sharp and large drops means that many of the accrued tokens are unmoved – a conviction by holders of additional rally forward. 

Learn Pepe’s [PEPE] Value Prediction 2023-24

However the whales got here out to play after PEPE hit the worth ceiling on 14 July. The whale strikes had been additionally marked by short-term promote strain, as proven by a spike in provide on exchanges.

Merchants ought to observe BTC value motion to substantiate whether or not the bullish zone will probably be breached.