dove in just a few days ago. Could this ignite further interest in PEPE and the other meme coins and drive the rally higher?Source: PEPE/USDT on TradingView
The market structure on the 6-hour shifted bearish briefly when it sank below a higher low at $0.00000145. But just two days after that, the market structure was bullish once more. The OBV also climbed higher, suggesting that genuine demand was behind the rally. The RSI showed bullish momentum as well. The 50% retracement level at $0.00000135 was almost tested before PEPE’s rally. This highlighted that the 23.6% and 61.8% extension levels at $0.000002 and $0.00000233 are likely to be tested as well.
Bitcoin [BTC] has not yet broken out past the $30.8k-resistance. If such a move materializes, it could further galvanize PEPE bulls. The other memecoins, Dogecoin [DOGE] and Shiba Inu [SHIB], traded just beneath their resistance levels from 23 June.The OI chart from Coinglass revealed that the rally in PEPE prices was accompanied by a rise in Open Interest. This showed that in the past few days the speculators in the Futures market were convinced of a bullish move and willing to bid the asset.