The post PEPE’s next big move – How a breakout could push it towards a new ATH appeared on BitcoinEthereumNews.com.

contributor Posted: November 17, 2024 PEPE outperformed rivals post its Coinbase listing, with consolidation possibly ahead If a certain strategy plays out, a quick rebound can be expected from the memecoin The memecoin market is heating up, and one token is rapidly catching attention. With triple-digit gains in just seven days, Pepe [PEPE] is now just a step behind the top spot on the weekly gainers chart. This has positioned the memecoin as a serious challenger to Dogecoin’s [DOGE] long-standing dominance. Trading at $0.00002199 at press time, PEPE recently hit a new all-time high following its Coinbase listing just two days ago. However, a small setback caused PEPE to drop by 14%. As a result, many traders who sold at the listing price of $0.00001921 are now either stuck with losses or looking for a new entry. This creates an ideal setup for a potential short squeeze, one where the price can quickly rise as these traders close their positions or re-enter. THIS setup presents critical opportunity for bulls Interestingly, bears have been actively shorting PEPE for much of this month, creating significant resistance and preventing the memecoin from reclaiming its ATH of $0.00002524. Source : Coinglass As a result, despite the Coinbase listing, the memecoin entered a consolidation phase, trading within a defined range of $0.00002100 to $0.00002400. Typically, a hike in short positions alongside a price dip often suggests that bullish traders are expecting a parabolic move, one where they’re compelled to exit their positions to limit losses. This dynamic creates a balance between buyers and sellers, confining the price within a narrow range. However, this setup can present a critical opportunity for the market’s bulls. A breakout from consolidation could force shorts to cover, pushing the price higher as traders who sold or shorted will rush to…

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Filed under: News - @ November 16, 2024 9:24 pm