- PEPE zoomed higher by 110% from bottom to top within the past week.
- Swing traders could wait for a retest of key support levels instead of FOMOing into positions now.
Pepe [PEPE] gained 41% on the 26th of February, taking prices past a key level of resistance. This resistance repelled the bulls in December. Additionally, it surged past highs not seen since March 2023.
On-chain metrics supported the idea that the meme coin could rally higher. However, a Bitcoin [BTC] short-term retracement could see PEPE follow in its steps.
The daily price action shows a bullish conviction
The $0.000001 support level was highlighted by the cyan box because it was a support zone from December that served as resistance in January. It was converted to a support zone in the middle of February, and the bulls forced the enormous rally from there.
The OBV managed to break past the highs it registered in December. This was a strong sign that PEPE would likely continue to climb higher. However, it does not rule out the possibility of a pullback to the $0.00000165 support.
The market structure and the RSI showed firm bullish momentum. To the north, the next significant level was resistance was at $0.00000281, which was 34% higher than the current market price.
Selling pressure has not increased drastically yet
Author: Akashnath S
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