Altcoin PEPE has fallen into key bullish territory. Now there is a question in mind. Will the bulls defend it? PEPE has fallen into a significant bullish zone. Accordingly, this may offer a lifeline to short-term bulls. Let’s look at the details.
Fears for PEPE
Altcoin PEPE struggled to break the $0.00000190 price ceiling. The recently accumulated tokens have not been moved yet. Bitcoin’s sharp reversal after hitting a new high of $31,800 has Pepe [PEPE] negatively affected. Meme coin has dropped over 7% in the last 24 hours. Accordingly, at the time of writing, it is trading at $0.00000162.
However, the altcoin has entered a significant bullish zone. If BTC doesn’t drop below $30,000, it could offer a lifeline to short-term bulls.
Bitcoin’s price action and altcoin PEPE
BTC’s price surge on July 13 allowed it to hit the $31,800 price tag. On the other hand, this situation reflected positively on the meme coin PEPE. The price pulled up to target the recent price cap of $0.00000190. However, altcoin PEPE faltered near resistance. Accordingly, traders who took a short position tried to pull it to $0.00000150.
Zooming in on the daily chart, the immediate support above lies in the range of $0.00000136 – $0.00000162. So, the area can act as a bullish bastion. It could allow the bulls to make a corrective recovery targeting the local high of $0.00000190. However, if BTC drops below the psychological level of $30,000, sellers can extend their gains beyond the bullish zone. In such a bearish scenario, $0.00000131 and $0.00000120 will be the key levels.
cryptocoin.com Looking at it as a whole, the RSI (Relative Strength Index) has come back from the overbought zone. On the other hand, it is steady near neutral level. A recovery from neutral will signal increased buying pressure and leverage to the bulls. However, CMF (Chaikin Money Flow) fell below the zero mark. This indicates that there have been significant capital outflows from altcoin PEPE over the past few hours.
Recently accumulated tokens did not move
According to Santiment, the 90-day Average Coin Age metric has risen since early June. Accordingly, this shows that altcoin PEPE has accumulated in large networks during the same period. In addition, the absence of sharp and large drops indicates that most of the accumulated tokens are not moving. This reveals the belief that the owners will rally more in the future.
However, whales emerged after altcoin PEPE hit a ceiling price on July 14. Whale movements are also related to short-term selling pressure, as evidenced by the increase in supply in the stock markets. Investors should follow BTC price action to confirm if the bullish zone is breached.
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