Pepe (PEPE) has a bullish outlook for the long-term, but may continue to decline in the short-term; the outlook for Pepe remains quite optimistic.
This pullback should not last too long, but traders need to be prepared for volatility.
Pepe has fallen 9.4% in the last seven days. However, just two weeks ago, on November 13, Pepe surged by 47% in one day, but buyers were unable to maintain this momentum. Low trading volume implies that Pepe may face a deeper correction.
Considering that Bitcoin (BTC) has also dropped to around $90,000 and may continue to decline, traders of Pepe need to be more cautious. Meme coin buyers may find a good entry opportunity in the next week or two.
Pepe Price Prediction: Short-term may continue to decline
From the daily chart, PEPE's long-term outlook remains positive, having been recovering for the past 11 days, but its performance in November has been somewhat disappointing. Especially after the surge in trading volume on November 13, PEPE left a significant fair value gap (marked in white).
If it continues to decline, PEPE may drop to $0.00001216. Nevertheless, the technical indicators remain bullish. The daily RSI is still above 50, indicating that market momentum leans towards buyers. However, due to the sell-off in the past 11 days, the OBV indicator has shown a pullback.
If the OBV continues to decline in the next 3-4 days and the downtrend does not improve, it means selling pressure still exists. Such a situation could push PEPE down to $0.000012. However, before that, even though sentiment is poor in the short term, bulls still hold the upper hand, and PEPE may still rebound in the short term.
The liquidation levels suggest that Pepe may rebound soon
According to the liquidation heatmap from the past two days, the $0.0000188 and $0.0000208 areas could serve as support points for a price rebound. Meanwhile, the liquidity pool has accumulated some buy orders around $0.0000172.
If PEPE clears the liquidity void near $0.0000188 first, it may return to this low point again. The current momentum in shorter time frames is bearish, with strong bearish sentiment.
In the past two weeks, PEPE experienced a strong rally followed by a pullback, and the liquidation heatmap during this period suggests that PEPE may rebound to $0.000021 in the next few days. If it breaks through this level, the $0.000023 area may become the next target, which is expected to be seen in the next week or two.
However, all of this depends on Bitcoin stabilizing its bearish trend in the short-term. If Bitcoin continues to decline, PEPE may drop to $0.000017, a level that also has some liquidity support, as indicated by technical analysis. Therefore, traders should be prepared for potential downside risks.
