PEPE gains 18% in a day to break out past local highs

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

• Market construction and Open Curiosity confirmed bulls had management of the market
• Breakout merchants and late longs have to be ready for a retracement, however demand and momentum have been strongly bullish

On the time of writing, PEPE traded simply above its latest native excessive at $0.00000179. This stage noticed PEPE bulls rejected on 23 June. Per week of retracement later, the bulls had been again and compelled positive factors of 20%.

Practical or not, right here’s PEPE’s market cap in BTC’s phrases

The battle for memecoin market share has been heating up as one other entrant dove in just some days in the past. Might this ignite additional curiosity in PEPE and the opposite meme cash and drive the rally larger?

Construction shifted in favor of bulls once more earlier than PEPE surged larger

Supply: PEPE/USDT on TradingView

The market construction on the 6-hour shifted bearish briefly when it sank under a better low at $0.00000145. However simply two days after that, the market construction was bullish as soon as extra. The OBV additionally climbed larger, suggesting that real demand was behind the rally.

The RSI confirmed bullish momentum as properly. The 50% retracement stage at $0.00000135 was nearly examined earlier than PEPE’s rally. This highlighted that the 23.6% and 61.8% extension ranges at $0.000002 and $0.00000233 are prone to be examined as properly.

Bitcoin [BTC] has not but damaged out previous the $30.8k-resistance. If such a transfer materializes, it may additional impress PEPE bulls. The opposite memecoins, Dogecoin [DOGE] and Shiba Inu [SHIB], traded simply beneath their resistance ranges from 23 June.

Open Curiosity chart confirmed speculator sentiment remained sturdy

Supply: Coinglass

The OI chart from Coinglass revealed that the rally in PEPE costs was accompanied by an increase in Open Curiosity. This confirmed that previously few days the speculators within the Futures market had been satisfied of a bullish transfer and prepared to bid the asset.

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Alongside the OBV, this was one other sturdy piece of proof that capital movement was directed into the market. The symptoms and value motion underlined additional positive factors had been seemingly, however a BTC rejection from the $30.8k-zone may shift sentiment in the direction of the sellers.