- Pepe has a long-term bullish outlook but a short-term bearish one.
- This retracement might not last long, but traders should be prepared for volatility.
Pepe [PEPE] has shed 9.4% in the past seven days. Exactly two weeks ago on the 13th of November, it rallied 47% in a day, but the buyers could not sustain the momentum. The weakened trading volume showed that Pepe could see a deeper correction.
With Bitcoin [BTC] also sinking toward $90k and potentially heading lower, Pepe traders must be cautious. The meme coin’s buyers might get steep discounts over the next week or two.
Pepe price prediction- short-term dip to continue
Source: PEPE/USDT on TradingView
On the daily timeframe, PEPE has a strong bullish outlook. It has been retracing its gains in the past 11 days, but its performance in November has been impressive. It left behind a large fair value gap during the impulse move on the 13th of November, marked in white.
This region coincided with the bullish breaker block from May at the $0.000016 region. The confluence of these two factors meant that the $0.00001615-$0.00001715 region is a firm demand zone that is likely to be defended.
Further losses could see PEPE fall to the $0.00001216 level. The technical indicators remained bullish. The daily RSI was still above neutral 50 and showed that the momentum favored the buyers. The OBV saw a pullback due to the selling of the past eleven days.
If the OBV continued to slump over the next 3-4 days without halting, it would be a sign of sustained selling pressure. This could signal a PEPE drop toward $0.000012. Until then, PEPE bulls are expected to prevail despite the short-term sentiment.
Liquidation levels show Pepe could see a bounce soon
Source: Coinglass
The liquidation heatmap of the past two days showed that the $0.0000188 and $0.0000208 regions can attract the price higher. There was a cluster of liquidity building up around $0.0000172.
This lower level could be revisited after a sweep of the nearby liquidity pocket at $0.0000188. The lower timeframe momentum has been bearish.
Source: Coinglass
The past two weeks saw PEPE pull back after its sharp rally. This period’s liquidation heatmap showed that a bounce toward $0.000021 was likely in the coming days. Further north, the $0.000023 region is the next target over the next week or two.
Read Pepe’s [PEPE] Price Prediction 2024-25
This would require Bitcoin to stabilize its short-term bearish momentum. As things stand, traders should be prepared for a drop to $0.000017, as there is a liquidity pocket here too. It also ties in well with the technical analysis.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
