- PEPE hit a brand new all-time-high (ATH) and outperformed BTC.
- Bulls had market leverage, however a short-term pullback couldn’t be overruled.
The meme coin ‘supercycle’ narrative is changing into extra evident on this market cycle. Memes’ efficiency on the value charts has been explosive.
Within the first half of Might, Pepe [PEPE] outperformed Bitcoin [BTC], gaining +65% towards BTC’s 2% rally.
Greater than half of PEPE’s Might rally occurred up to now two days, following GameStop inventory’s (GME) wild rally.
The explosive rally pushed PEPE into a brand new all-time excessive (ATH) of $0.00001146, however can bulls push additional?
PEPE value prediction: Bulls potential playbook after new ATH
Supply: PEPE/USDT on TradingView
A Fibonacci retracement device (yellow) between the 2024 lows and the earlier all-time excessive ($0.00001084) on the every day chart.
The frog-themed meme has been in a sluggish however regular restoration in Q2, from mid-April, as proven by the ascending channel (white).
The upswing to a brand new ATH reversed all losses in Q1 and a part of Q2. This meant that almost all holders had unrealized earnings and will ebook the positive factors.
PEPE had seen two value rejections on the range-high of the ascending channel (white), indicating some merchants, together with whales, have booked revenue.
Nevertheless, PEPE nonetheless had a bullish market construction, so an additional upswing to $0.000013 might yield 21% extra positive factors. But when extra holders select to revenue on the present market value, PEPE value motion might pull again.
In such a situation, the channel’s mid-range and range-low, alongside the 23.6% Fib placeholder, might be essential for late patrons.
Pepe value prediction: Why a 25% pullback can’t be overruled
Supply: Hyblock Capital
Though bulls had the higher hand at press time, an unexpected bearish situation might drag PEPE 25% based mostly on liquidation ranges.
In keeping with Hyblock Capital’s 7-day liquidation heatmap, the $0.08 space was a key magnetic zone (orange).
So, a large drop might push the value into the $0.08 space, coinciding with the 23.6% Fib placeholder on the value chart. That’s a possible 25% drop from press time ranges.
Supply: Coinglass
Nevertheless, Coinglass’s Lengthy/Brief Ratio knowledge confirmed that PEPE’s market sentiment was nonetheless bullish. Many merchants have been going lengthy on PEPE for the reason that seventh of Might.
Is your portfolio inexperienced? Take a look at the PEPE Revenue Calculator
The share of merchants going lengthy jumped from 47% on 7 Might to 50.6% as of 15 Might (mid-morning Asian buying and selling session), which meant that short-term market sentiment was bullish.
So, PEPE might rally an additional 20% if bullish sentiment persists. Nevertheless, a 25% pullback can’t be overruled if market situations flip bearish.