Pepe is currently in a bearish market structure and is likely to retest recent lows. Despite some optimism in the futures market, indicating a potential rapid recovery, the memecoin has seen a sell-off from its highs. Recently, $7.8 million worth of PEPE tokens were deposited into Binance, suggesting a spike in selling pressure.
Two sets of Fibonacci retracement levels have been plotted, indicating potential support and resistance levels for Pepe. The smaller move in May saw the 78.6% retracement level defended as support, while the 50% level served as resistance. The bigger move captured by the levels labeled in white showed a bullish order block at the 61.8% retracement level, potentially leading to a price bounce.
Daily indicators for Pepe show some positivity after a 20% price bounce, with the RSI at 50 and notable capital inflows indicated by the CMF. The Open Interest in the futures market for PEPE has fluctuated, indicating ebbs and flows in market sentiment. While the price has been trending downward, speculators have not been afraid to go long during short-term bullish periods.
Despite the current bearish trend, Pepe bulls are eagerly awaiting a shift in the market. If Bitcoin begins its recovery, Pepe may be one of the top-performing large-cap altcoins. It is important to note that the information presented does not constitute financial advice and is solely the writer’s opinion.
In conclusion, Pepe’s price prediction for 2024-25 remains uncertain as it navigates through a challenging market environment. While there is potential for a rapid recovery, the memecoin faces obstacles such as selling pressure and resistance levels. However, with positive indicators and a hopeful sentiment in the futures market, Pepe bulls remain optimistic for a potential turnaround in the near future.
