$PEPE is the only big meme coin in the green tonight, and it is still stuck in the same box it has lived in all month.
The meme board right now on Binance:
- PEPE: +3.1% at $0.00000503
- DOGE: -1.2%
- SHIB: -1.3%
- WIF: -2.2%
- BONK: -1.1%
So PEPE is outperforming its peers by roughly 4-5 points while $BTC sits flat near $75,700.
But zoom out. Since November 1, PEPE's daily highs and lows have stayed between $0.00000459 and $0.00000533. Every push toward the top of that range has been sold.
Futures positioning is not exactly contrarian either: about 67% of accounts are long, funding is a normal 0.01%, and open interest is around $121M.
My take: relative strength is real, but a breakout is not. I want to see a daily close above $0.00000533 before calling this a meme rotation. Lose $0.00000478 and it is just another range bounce.
Is PEPE leading the next meme leg, or is this the top of the box again?
#BinanceSquare #PEPE #MemeCoins #Altcoins
Not financial advice.
The meme board right now on Binance:
- PEPE: +3.1% at $0.00000503
- DOGE: -1.2%
- SHIB: -1.3%
- WIF: -2.2%
- BONK: -1.1%
So PEPE is outperforming its peers by roughly 4-5 points while $BTC sits flat near $75,700.
But zoom out. Since November 1, PEPE's daily highs and lows have stayed between $0.00000459 and $0.00000533. Every push toward the top of that range has been sold.
Futures positioning is not exactly contrarian either: about 67% of accounts are long, funding is a normal 0.01%, and open interest is around $121M.
My take: relative strength is real, but a breakout is not. I want to see a daily close above $0.00000533 before calling this a meme rotation. Lose $0.00000478 and it is just another range bounce.
Is PEPE leading the next meme leg, or is this the top of the box again?
#BinanceSquare #PEPE #MemeCoins #Altcoins
Not financial advice.