Pepe’s recovery is facing significant resistance at the $0.00009 price level, where a recovery will largely depend on Bitcoin’s price action.
Frog-themed meme coin PEPE played a key role in the recovery process following a major market crash. Between the end of July and the beginning of August, PEPE lost more than 40% of its value. However, PEPE quickly recovered, rising by 17% in just two days (August 6-7). The increasing interest in meme coins has been a major factor supporting this uptrend.
According to Coinglass data, on August 7, the meme coin segment ranked second behind Solana’s ecosystem in terms of open interest, showing a 9% increase. This indicates that there is a significant amount of liquidity flowing into meme coins, which could be useful for PEPE to continue on its path to recovery. However, this upward movement may be limited by the challenges that will be encountered, especially at the critical level around $0.0000905.
Resistance at $0.0000905
PEPE’s price zone around $0.0000905 is a major hurdle for the recovery. This level represents a confluence of a breaker block on the daily chart and the 61.8% Fibonacci retracement level, suggesting significant resistance. The recent decline stalled at the 78.6% Fibonacci retracement level, and breaking this level will be critical for the bulls to continue the rally.
The Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) currently indicate weak buying power and capital inflows. This suggests that despite the recovery, the bullish momentum is not yet strong enough to break through critical resistance levels. On the other hand, the increase in buying volumes over selling orders and the rise in spot Cumulative Volume Delta (CVD) are other important indicators supporting the sustainability of the current recovery trend. Liquidity data points to the next concentration at $0.000090, in line with the upper resistance on the charts, which could strengthen the recovery to the 61.8% Fibonacci level.
Bitcoin’s Impact on PEPE
PEPE’s recovery is not only dependent on its own dynamics, but also on broader market movements, particularly Bitcoin’s performance. If Bitcoin fails to break the $60k barrier, PEPE could experience buyer exhaustion and its recovery potential could be limited. This highlights the importance of tracking Bitcoin’s price action to understand PEPE’s future movements.
Overall, PEPE’s recovery is showing significant improvement despite the wide market volatility. However, the critical resistance at $0.0000905 may require a major fight. Breaking this barrier, strong buying volumes, and Bitcoin’s supporting role will be critical for a sustainable recovery. Investors should pay attention to market signals and general crypto trends to effectively guide PEPE’s future direction.
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