PEPE Price Analysis: Meme Coin Awaits Breakout Amid Market Consolidation

PEPE Price Analysis: Meme Coin Awaits Breakout Amid Market Consolidation

Over the past twelve days, Pepe (PEPE) has been in a consolidation phase, consistently trading above the $0.00001129 support level but failing to surpass the $0.000014 resistance. Recent analysis of this meme coin indicates that a majority of holders are currently in profit.

A review of the liquidation levels suggests that traders might expect an upward price movement in the coming days, assuming Bitcoin (BTC) does not enter a short-term downtrend. On the 12-hour chart, the Relative Strength Index (RSI) has been slowly trending downward since July 15th, standing at 50.47 at the time of writing, indicating neutral momentum. Additionally, the Chaikin Money Flow (CMF) has remained below +0.05 since July 25th, suggesting that capital flows are not significantly bullish.

These indicators collectively highlight PEPE’s consolidation over the past two weeks, with the $0.0000113 and $0.0000127 levels marking the extremes of a short-term range. Despite the declining trade volume, PEPE has not yet shown signs of a breakout.

The magnetic zone around $0.000014 is particularly interesting for traders. According to AMBCrypto’s analysis of Pepe’s liquidation heatmap, the $0.000014-$0.0000148 zone is densely populated with liquidation levels, potentially pulling prices towards it. The consolidation over the past two weeks has increased the liquidation levels in this area, making it more likely to be targeted in the next week or two.

To the south, the $0.000007-$0.0000076 zone is another target. The liquidity levels chart reveals that short positions currently outnumber long positions, which could lead to a short squeeze or an upward price movement aimed at short-sellers. The $0.0000123-$0.0000126 levels, or the short-term range highs, are a viable bullish target for the next 48 hours.

Overall, PEPE might see a rise to as high as $0.000014 before experiencing a bearish reversal. The chances of a breakout appear slim, especially with BTC retreating from the $69k resistance level in recent hours.