Pepe has soared an astonishing 48% in just 24 hours! This surge has directly set a new record high, just like riding a rocket.
However, Pepecoin is now encountering some resistance at the 61.8% Fibonacci extension level, like encountering a big rock while climbing a mountain. But then again, Pepecoin’s previous bullish momentum was comparable to that in May, when it broke through the local resistance level and hit a new high of $0.00002597.
Earlier this week, traders and investors on decentralized exchanges were busy buying Pepecoin, anticipating the arrival of a “memecoin supercycle” and believing that DOGE’s gains in the coming months could be transferred to Pepecoin.
Although Pepe encountered some temporary obstacles at the 61.8% Fibonacci retracement level, based on previous rebounds, these retracement levels are solid support levels. A few days ago, Pepe coin rebounded from below $0.000009 and the price soared directly to a new high.
When it comes to long-term predictions, some have boldly speculated that Pepecoin’s market cap could catch up with Dogecoin’s. However, this may be a bit optimistic, after all, Dogecoin is one of the most popular meme coins and has been sitting on the throne for many years. However, if the bullish sentiment continues to rise, it is not impossible for Pepecoin to reach a market cap of $40 billion or even more.
Let's talk about the short-term forecast. From the 1-day liquidation chart, $0.0000247 and $0.0000224 are the closest high liquidity levels for Pepe coin. Now that Bitcoin [BTC] has also returned above $90,000, the short-term sentiment is bullish, and the possibility of Pepe going higher is slightly greater.
However, be careful not to get carried away by short-term sentiment and be prepared for a possible drop. The liquidation amount is between $0.0000209 and $0.0000232. If the price retests this area, it may be a good opportunity to buy. Because once this liquidity is cleared, Pepecoin may turn bullish again.
Finally, the Coinbase listing news could send Pepecoin to new highs, but it could also taper off bullish sentiment in the short term, giving Pepecoin some time to consolidate.
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