- 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.
Read more: Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges
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.
Read more: PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X
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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