• PEPE struggled to clear the $0.00000190 price ceiling, leading to a 7% drop in the past 24 hours.
• The crypto has eased into a crucial bullish zone which could offer near-term bulls a lifeline if BTC does not drop below $30k.
• Whale accumulation since early June suggests further rally ahead, but capital outflows may weaken the current bullish sentiment.
PEPE Struggles To Clear Price Ceiling
PEPE [PEPE] dropped over 7% in the past 24 hours, trading at $0.00000162 at the time of writing. This was after it failed to break through the $0.00000190 price ceiling due to Bitcoin’s [BTC] sharp reversal after hitting a new high of $31.8k. How much are 1,10,100 PEPE worth today ?
Bullish Zone Offers Lifeline To Bulls
The recent dip has led PEPE into a crucial bullish zone which could offer near-term bulls a lifeline if BTC does not drop below $30k. When zoomed out on the daily chart, this area aligns with an order block (OB) of $0.00000136 – $0.00000162 (cyan). If bulls can manage to inflict a corrective rebound from here targeting its local high of $0.00000190 then they could be successful in defending this key zone from sellers who will aim for levels beyond it if BTC drops below the psychological level of 30k USDT .
Whale Accumulation Suggests Further Rally Ahead
The 90-day Mean Coin Age metric has risen since early June according to Santiment, implying wide-network accumulation of PEPE in that period and no sharp or massive drops suggest that most accumulated tokens have yet to be moved – indicating conviction by holders of further rally ahead.
RSI & CMF Indicate Mixed Signals
The RSI (Relative Strength Index) retreated from its overbought zone and steadied near its neutral level while CMF (Chaikin Money Flow) breached below zero; both these indicators point towards mixed signals in terms of buying pressure and capital outflows respectively .
Conclusion
At present , Pepe [PEPE] sits at an important juncture where it can either look forward to further gains or succumb to bearish pressures based on Bitcoin’s next move below or above its 30K psychological support/resistance line respectively . If bulls successfully defend this key bullish zone then we may see some relief for holders and traders betting on upside targets , however , should Bitcoin slip back down then Pepe’s current momentum may be short lived .
