•PEPE struggled to clear the $0.00000190 price ceiling, dropping over 7% in the past 24 hours.
•It has eased into a crucial bullish zone that could offer near-term bulls a lifeline if BTC doesn’t drop below $30k.
•Recently accumulated tokens were unmoved, indicating conviction by holders of further rally ahead.

Analysis: Will Bulls Defend PEPE?

PEPE dropped to a crucial bullish zone and could offer near-term bulls a lifeline, but only if Bitcoin [BTC] does not drop below $30k. The meme coin dropped over 7% in the past 24 hours, trading at $0.00000162 at the time of writing.

Key Support Levels

When zoomed out on the daily chart, immediate support is set at $0.00000150 which aligns with a bullish order block (OB) of $0.00000136 – $0.00000162 (cyan). This area could act as a stronghold for bulls to inflict corrective rebounds targeting the local high of $0.00000190. In a bearish scenario where BTC drops below the psychological level of 30k, key interest levels would be set at$0.00000131 and 0$00100120 respectively.

Technical Indicators

The Relative Strength Index (RSI) retreated from an overbought region and steadied near its neutral level while Chaikin Money Flow (CMF) breached below zero – denoting significant capital outflows from PEPE in recent hours.. A rebound from this neutral level will signal increased buying pressure and leverage to bulls for recovery attempts towards higher levels of resistance..

Network Accumulation

Network accumulation according to Santiment includes 90-day Mean Coin Age metric which has risen since early June; suggesting wide-network accumulation of PEPE in same period with lack of sharp drops implying that most accumulated tokens have been unmoved – a conviction by holders of further rally ahead..


In conclusion, PEPE’s current market status rests on whether or not Bitcoin stays above or falls below the psychological level of 30k; with key support levels being eyed should it fall – allowing for possible recovery attempts should it stay above.. Regardless, network accumulation implies conviction by holders that further rallies are inevitable..