- PEPE and WIF noted some bearish sentiment over the previous day
- Their market structure was firmly bullish
Pepe [PEPE] reached a new local high at $0.0000108, as did dogwifhat [WIF] which touched the $3.56 mark. However, the higher timeframes showed that the trend remained bullish.
Yet, with Bitcoin [BTC] down 7% from $73.7k to $68.4k at press time, fears of a market correction had some grounds. Here’s what technical analysis of the meme coin revealed.
The lower timeframe momentum is bullish for both coins
The RSI of PEPE on the 4-hour chart remained above the neutral 50 mark throughout March. This showed that the momentum continued to favor the bulls. The market structure was also bullish.
The Fibonacci retracement levels showed that a move to the 61.8%-78.6% region was possible. The OBV has remained flat over the past week to indicate a lack of buying volume. Hence, neither side had control over the market in recent days.
If PEPE begins to drop below the $0.0000079 support zone, buyers could look to re-enter the aforementioned demand zone based on the Fibonacci retracement levels.
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Author: Akashnath S
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