What PEPE traders need to know before making the next move
2024-09-10

Pepe (PEPE) was testing a key resistance level of $0.0000077 at press time. This comes after the meme coin rejected a key bullish pennant at $0.0000063 and acquired a massive surge of 20% to the recent trading price.

The $0.0000077 level emerged as a barrier to the bullish momentum breaking out to test the higher resistance at $0.0000091.

This consolidation phase precedes a period of upward movements, raising market curiosity on whether the bull rally will continue or not.

The stochastic RSI indicator for PEPE hinted at a bullish divergence. This suggests the ongoing consolidation might lead to an upward movement. However, a bearish run cannot be written off since the stochastic RSI was approaching an overbought zone.

The bullish pennant pattern on the chart strengthens the chance of a breakout. However, the $0.0000077 resistance level still poses a major challenge for the bulls to beat.

Taking a closer look at market trends, the Coinglass liquidation heatmap revealed some interesting trends on whale activity.

The data showed that PEPE whales are returning. Key market participants are positioning themselves around current prices, which might spark excitement if PEPE makes a significant move.

Looking ahead, market participants are keeping an eye on that $0.0000077 resistance level. Pushing past it could send PEPE rocketing up to its recent high of $0.0000091.

If it fails to break through, we might see it drop back down to support around $0.0000069.