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PEPE struggled to hit the $0.00000190 price cap.
The recently collected tokens have yet to be moved.
From Bitcoin [BTC] sharp reversal after hitting a new high of $31.8k negatively impacted Pepe [PEPE]. The meme coin is down more than 7% in the past 24 hours, trading at $0.00000162 at the time of writing.
How many Worth 1,10,100 PEPE today?
However, it has eased into a crucial bullish zone and could provide bulls with a near-term lifeline if BTC fails to dip below $30,000.
Will this bullish zone last?
BTC’s price pump on July 13 saw it hit a new high of $31.8k, pushing PEPE up to aim for the recent price cap of $0.00000190. But PEPE wavered near resistance and invited short sellers to seek profit for immediate $0.00000150 support.
When zoomed out on the daily chart, the above immediate support corresponds to a bullish order block (OB) of $0.00000136 – $0.00000162 (Cyan). Thus, the area could act as a bullish stronghold. It could allow bulls to mount a corrective rebound targeting the local high of $0.00000190.
But sellers could extend their gains outside the bullish zone if BTC drops below the USD 30,000 psychological level. In such a bearish scenario, $0.00000131 and $0.00000120 will be the key interest rate levels.
Meanwhile, the RSI (Relative Strength Index) pulled back from the overbought zone and stabilized around the neutral level. A recovery from the neutral level will signal increased buying pressure and leverage for bulls.
But the CMF (Chaikin Money Flow) broke below the zero mark. It indicates a significant capital outflow from PEPE in the past few hours.
Recently collected tokens remained unmoved
According to Santiment, the 90-day Mean Coin Age statistic has been rising since early June, implying that PEPE has accumulated across a broad network over the same period.
In addition, the lack of sharp and massive drops suggests that most of the collected tokens are unmoved – a belief held by holders of further rally ahead.
Read Pepes [PEPE] Price prediction 2023-24
But the whales came out after PEPE hit the price cap on July 14. The whaling movement was also marked by short-term selling pressure, as evidenced by a spike in supply on exchanges.
Traders should monitor BTC’s price action to confirm whether the bullish zone will be broken.
This post PEPE Drops to Key Bullish Zone – Will Bulls Defend It?
was published first on https://ambcrypto.com/pepe-drops-to-key-bullish-zone-will-bulls-defend-it/