š According to AMBCrypto: Will $PEPE Surge?
PEPE bulls managed to wrest control of the $0.00000581 level from the bears. This was the second sign of strength from the bulls in the past ten days. The first sign was their defense of the 61.8% Fibonacci retracement level.
The buyers did not allow a 12-hour trading session to close below the level. Combined with the flip of $0.00000581 to support, the bullish strength was too much to handle. PEPE exploded higher to test the local lower low atĀ $0.00000796.
At press time, it was trading just below this key level. The RSI was at 70 and showed intense upward momentum. The CMFās reading of +0.28 also reflected noteworthy capital flow into the market. Overall, further gains were more likely.
AMBCrypto analyzed the liquidation heatmap of PEPE using data from Hyblock. The $0.000008-$0.00001 region was filled with liquidation levels of sizeable concentration. The closest and biggest liquidity pocket was at $0.0000084.
A PEPE move just beyond this level would trigger the short liquidation orders. Their market buy orders would force prices higher, hitting an increasing number of short liquidations.
It could quickly become a liquidation cascade and drive prices above $0.00001 at least momentarily.
Hence, traders need to be wary of short-term volatility. Given the momentum and demand behind the meme coin, further gains were likely and a retracement from $0.0000084 was improbable.