• PEPE saw gains of 20%, breaking out past local highs.
• Market structure and Open Interest suggested that bulls had control of the market.
• Bitcoin [BTC] has yet to break out past $30.8k-resistance, which could further galvanize PEPE bulls.
PEPE Breaks Out Past Local Highs
PEPE saw gains of 20% on Wednesday, breaking out past local highs at $0.00000179. Market structure and Open Interest showed that bulls had taken control of the market, with speculators in the Futures market convinced of a bullish move and willing to bid the asset.
Bitcoin Rejection Could Change Market Sentiment
However, a Bitcoin rejection from resistance could change market sentiment and lead to a retracement in PEPE prices. With another memecoin entrant recently arriving on the scene, there is potential for further interest in PEPE and other meme coins driving the rally higher.
Retracement Levels Must Be Considered
Breakout traders and late longs must be prepared for a possible retracement but momentum has been strongly bullish throughout this week’s trading session. The 50% retracement level at $0.00000135 was almost tested before PEPE’s rally, highlighting that 23.6% and 61.8% extension levels at $0.000002 and $0.00000233 are likely to be tested as well if momentum continues upwards for this coin pair..
Open Interest Chart Showed Speculator Sentiment Remained Strong
The OI chart from Coinglass showed that the rally in PEPE prices was accompanied by a rise in Open Interest – suggesting genuine demand behind the surge – with alongside OBV supporting greater capital flow into the market .
Profit Calculator Available For Portfolio Checkup
A Profit Calculator is available for those wishing to check up on their portfolios following these recent movement trends in pricing levels across PEPE/USDT pairs .