PEPE Bulls Expect New All-time Highs in 2024

After falling to two-month lows in mid-July, the price of memecoin trailblazer Pepe (PEPE) has managed to bump higher to a familiar level, prompting bullish market players to consider purchasing the popular cryptocurrency.

Recently, the cryptocurrency sector has been showing signs of ending its broader correction phase. PEPE has experienced a strong bullish move since the beginning of the year, although it hasn't been immune to the market-wide correction.

For investors and traders who haven't yet added PEPE to their portfolios, this correction presents an excellent buying opportunity at a more favorable price, thereby reducing their risk.

Weekly time frame analysis

PEPEUSD - 1 Week Time Frame

Last week, technical parameters aligned with the fundamental basis to confirm the validity of buying setups. A new support zone, the fair value gap, was formed, providing traders with a strategic point to place their buy orders.

The trade can be divided into two entries: one entry at the current price level and another in anticipation of a potential correction back into the support zone.

The stop loss should be set below the internal low formed during the initial sell-side liquidity spike, which preceded the formation of the previous support zone, known as the inversion fair value gap.

This first support zone is marked in orange on the chart and was formed from a prior resistance zone.

Additionally, key Fibonacci levels, particularly the Discount levels of 0.5 and 0.295, marked the points where the correction reversal occurred.

Another important factor is the order block formed before the last impulsive move upwards, indicating a strong shift in order flow.

To maintain buy orders, the price on the weekly timeframe must not close below the most recently formed support zone, which is the low of the fair value gap.