At the time of writing, PEPE was down 2.50% in the last 24 hours, its performance noticeably worse than other leading memecoins. For its part, Dogecoin [DOGE] was down by only 0.94%, while Shiba Inu [SHIB] gained by 1.13%.
And yet, the memecoin has rallied by 7.42% over the past week. In fact, Glassnode data also showed that the memecoin sector, as a whole, has shed 3.1% of its value over the past week, less than BTC’s 4.4% or ETH’s 5.9%.
Does PEPE have a longer-term bullish bias, and should swing traders and investors be looking to buy? Here’s what you need to know!
PEPE bulls battle for control of Value Area High
The 1-day chart revealed a bullish swing structure in place. The key levels to watch were $0.0000032 and $0.00000536. A daily session close above $0.00000536 would confirm a bullish trend continuation.
Within this swing move, the Fixed Range Volume Profile tool was used.
It plotted the Value Area Low and High at $0.00000377 and $0.00000491, meaning 70% of the trading volume since 11th September, when the impulse move began, has taken place within these two levels. This also makes them important horizontal levels to watch.
The A/D indicator fell to new lows following the heavy selling on 29th October. Meanwhile, the Awesome Oscillator stayed above the zero line.
These conflicting signals did not seem to subtract from the overall bullish price bias PEPE showed on the daily timeframe. However, ideally, buyers would want to see sustained demand to keep the uptrend going.
PEPE swing traders can maintain a bullish bias
Over the past week, PEPE has oscillated between $0.0000042 and $0.0000056, and at the time of writing, was at the mid-range level. The technical indicators were neutral, with a slight bearish leaning from the Awesome Oscillator.
Traders and long-term investors can stay bullish given the daily timeframe structure, but should be prepared for a price dip toward $0.0000044 or even $0.0000038. Especially if Bitcoin faces intense selling pressure.
Final Summary
- PEPE has shed more value in the past 24 hours than some of the larger crypto memecoins.
- Swing traders and investors can maintain a bullish bias as the price challenges the VAH once again.