Pepe [PEPE] has emerged as one of the best performing large-cap meme coins, outperforming both Dogecoin [DOGE] and Shiba Inu [SHIB]. It has gained 16.71% from its low on Monday, while DOGE and SHIB have gained 10% and 13%, respectively.
The upcoming bull run, if it happens, could be a real first for this Meme Coin, while the other two have experienced price expansion in previous bull runs. This suggests that PEPE has greater potential.
Pepe Has Not Broken Short Term Trading Range
The current trading pattern is not a true range, as there are significant fluctuations above the $0.000009 and $0.00000678 price levels, but these levels represent the rough extremes of the range.
The area between $0.0000077 and $0.000008 has acted as resistance throughout the past month, but was breached during the recent rally.
This rally has strong momentum, which is evident from the Money Flow Index and there is no divergence yet. Therefore, the MFI has not given a sell signal yet.
The A/D ratio has been rising over the past two weeks, reflecting increased buying pressure on Pepe.
The price is likely to advance towards the local resistance zone between $0.000009 and $0.0000095 before bullish investors have to retreat. Swing traders who are already in long positions can use the retest of this zone to take profits.
Liquidation Heat Map Shows Short Term Trading Zones
The liquidation heat map shows that the $0.000009 and $0.000006 levels are the main liquidity drains in the coming weeks. A sweep into any of these liquidity pools could lead to a trend reversal.
This is not a guarantee, however, as strong market sentiment could push Pepeâs price well beyond its current extremes. However, until this confidence takes hold, traders can expect price action similar to the previous range.
