Pepe Memecoin Shows 5% Bullish Momentum Amid Long-Term Bearish Trend

Pepe, a popular memecoin, has exhibited signs of recovery in recent weeks, with its price consolidating within a specific range. The higher timeframes indicate a bearish structure and outlook, suggesting that the long-term bearish trend has not yet ended. However, the lower timeframes show some consolidation, with Pepe trading between $0.00000572 and $0.0000736 for the past two weeks. This range formation has been validated by the repeated tests of the mid-range level at $0.00000655, which has acted as strong support.

The Relative Strength Index (RSI) has been climbing back above the neutral 50 mark, indicating short-term bullish momentum. This momentum could potentially take Pepe to the range highs, but a breakout is not expected. Traders should still manage their risk in case of a sudden price movement. The 1-month liquidation heatmap shows a cluster of liquidity at $0.0000075, just above the range highs. This suggests that Pepe prices could jump another 5% in the coming hours or days to sweep the liquidity pocket. Further higher, the $0.000009 level is the next magnetic zone to watch.

Despite the short-term bullish momentum, the overall demand for Pepe remains weak, and consistent selling pressure has forced this year’s downtrend. The local low around $0.00000645 is a short-term bearish target, and a retest of the mid-range region could offer swing traders a buying opportunity. However, Bitcoin volatility could potentially disrupt the Pepe range formation and cause deviations above the range during the New York session for traditional markets.

In summary, while Pepe has shown signs of recovery and short-term bullish momentum, the long-term bearish trend remains intact. Traders should be cautious and manage their risk accordingly, as the overall demand for Pepe remains weak and Bitcoin volatility could cause unexpected price movements. The next significant level to watch is $0.0000075, which could be the memecoin’s next stop if the current momentum continues. However, traders should be prepared for potential disruptions and manage their risk accordingly.