PEPE pumps 35% in 24 hours: Here are key levels to consider

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• PEPE pumped 35% on the daily trading session on 23 October.
• Bearish bets increased at press time and reversed part of the gains.

Pepe [PEPE] fronted an extra rally on 23 October, tucking +30% gains. But it faltered at the roadblock of $0.00000105 despite Bitcoin’s [BTC] move to $35k. 

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AMBCrypto was inclined towards extra gains if PEPE defended $0.00000070 as support on 23 October. The projection was validated, and PEPE cleared the next overhead hurdle at $0.00000082. 

However, sellers exploited the memecoin as the price faltered at the next hurdle at $0.00000105. 

Here are key levels for bulls to consider

Source: PEPE/USDT on TradingView

On the 4-hour charts, the massive price pump on 23 October left a price imbalance and liquidity around the blue-marked area of $0.00000084 – $0.00000094. The price imbalance zone stretched to the previous resistance at $0.00000082 (white). 

The above area could derail bearish overtures and offer buyers another chance for market re-entry. The bullish target will be the immediate overhead roadblock at $0.00000110 and the next obstacle at $0.00000140. 

Alternatively, sellers could gain more market edge if the retracement dropped below $0.00000082. Notably, the Spot market demand and capital inflows waned, as indicated by downticks of OBV and CMF. 

However, the RSI was still in the overbought zone at the time of writing and demonstrated that buying pressure remained high. 

Bearish bets spiked at press time

Source: Coinglass

The short-term pullback was marked by a spike in bearish bets at press time, as shown by Coingalss’ PEPE Long/Short Ratio chart. Additionally, short positions hit 57% against long positions, which were at 42%.

Read Pepe’s [PEPE] Price Prediction 2023-24 

This meant that more players shorted the asset in the early Asian trading session on 24 October. 

In addition, more long positions were liquidated on the 1 and 4-hour timeframes before press time, underscoring the short-term bearish bias. However, a bullish BTC and liquidity above $0.00000082 could derail the retracement and offer PEPE bulls new buying opportunities.