- PEPE had a bearish bias on the 3-day chart
- Retracement in mid-2024 may not be repeated since market sentiment appeared far more bullish
PEPE bulls have managed to defend the $0.0001711-level. The OBV revealed that promoting strain was not overwhelming, regardless of the swift losses of the previous three weeks. Actually, it has stayed above the highs from Could, revealing {that a} restoration is extra probably than extra losses.
In accordance with Lookonchain‘s newest replace on X (previously Twitter), a whale who offered their holdings through the market drop has been accumulating the memecoin as soon as once more. This mirrored religion within the bulls’ means to get better.
Will PEPE repeat this summer time’s retracement?
Supply: PEPE/USDT on TradingView
On the 3-day chart, PEPE’s value motion had a bearish tinge. The construction favored the sellers due to the buying and selling session shut at $0.00001705 on 17 December, beneath the previous greater low at $0.00001729 set on 26 November.
To the north, the $0.00001974-$0.00002259 zone represented a good worth hole that might be crammed. Therefore, a bounce to $0.00002-$0.0000225 may be anticipated within the coming days.
The PEPE memecoin rally in April noticed a retracement to the 78.6% stage 3 months after forming a brand new excessive in late Could. If it takes an identical course this time, it may fall to the $0.00001067-level within the coming weeks earlier than it recovers.
Nonetheless, the similarities needn’t play out precisely. Market situations are fully totally different proper now. From March to October, Bitcoin [BTC] was on a gentle downtrend, consolidating inside a descending channel.
Learn Pepe’s [PEPE] Worth Prediction 2025-26
In current weeks, it has examined the $100k-level a number of occasions, hit a brand new excessive at $108k, earlier than retracing alongside the inventory market within the third week of December. Subsequently, the approaching weeks usually tend to be extra bullish for PEPE. We’d not see a deeper retracement to the 78.6% stage at $0.00001067.
We are able to anticipate a transfer in direction of $0.0000144 and some weeks of decrease highs and consolidation, earlier than the meme bursts greater, concentrating on $0.000042 and past.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
