Last month, Pepe (PEPE) made headlines. Despite market uncertainty, consecutive ATHs caused a significant stir. After this period, PEPE faced local resistance following its recent recovery. This suggests PEPE might form a range. On-chain data indicates increasing selling pressure over time.
PEPE Coin Price Outlook
In the second half of May, PEPE saw increasing sales. By mid-June, the CMF indicator fell below -0.05, indicating significant capital outflow. This suggested PEPE might retract in May, potentially falling to $0.0000089, erasing gains.
Market bulls opposed this, strongly defending the $0.0000107 level, indicating a 78.6% retracement. However, the 50% retracement level at $0.000013 was not defended. The CMF indicator turned positive, moving above +0.05, but the RSI remained neutral. PEPE’s RSI stayed around 50.
Will PEPE Price Drop?
The liquidity heatmap is crucial for PEPE’s future. Data from the last three months indicated a significant liquidation level between $0.000008 and $0.000009. The 50% Fib retracement level serves as resistance against drops to this level.
Liquidity pools in the market change based on investor positions. If bulls remain strong and BTC performs well, the price might return to $0.000018. Recent data showed short positions gaining strength over long positions. This could signal a potential short squeeze, leading to a sharp price increase. The first liquidation zones for PEPE are $0.0000122 and $0.0000134.
