Pepe price is up 121%, will PEPE bulls continue their stampede?

Pepe price trades at $0.00266 after a 121% rally in the last two days.
If the altcoin sets up a lower low along with the already established lower high, it could mean correction.
But a liquidity sweep below $0.00245 followed by a recovery could send PEPE flying.

Pepe (PEPE) price has been extremely volatile in the last two days after a 121% rally. This uptrend could see a small breather in the mid-week before PEPE bulls kickstart another run. However the extension of the bull move depends on the market structure it is yet to produce.

Pepe price showcases impressive rally

Pepe price shot up 121% from $0.00134 on February 26 to $0.00297 on February 27. This impressive rally can be attributed to the ongoing frenzy with Ethereum’s recent move beyond the $3,000 psychological level. As a result, ETH-related altcoins are exploding.

Since PEPE happens to be the Ethereum chain’s very own meme coin, investors are showing this token some love, especially after the Solana-based meme coin hype.

Regardless, will Pepe price continue its ascent?

So far, Pepe price has produced a lower high after setting up a local top at $0.00297. As PEPE retraces, investors need to pay attention to the $0.00245 level due to the sell-side liquidity resting below it.

A sweep below this level – if followed by a recovery – could be key to extending the rally. This bullish outlook depends on whether PEPE can produce a subsequent higher high. In which case, Pepe price could eye a retest of the round number at $0.00300.

1000PEPE/USDT 1-hour chart

On the other hand, if Pepe price fails to recover above $0.00245 after a sweep of the sell-side liquidity, it would set up a lower low and flip the market structure bearish. It also indicates that the uptrend could be short-lived, and that a correction could ensue soon.

In this situation, investors need to look for a potential pullback to short PEPE. The target would be the midpoint of the 121% rally at $0.00216, which closely coincides with the $0.00219 support level.

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