$PEPE has given back pretty much the whole pump. The 1000PEPE perp ripped to 0.00512 a few days ago and it's now back at 0.00437, down about 2.5% on the day after getting rejected again around 0.00450.
On the NanoTrading Fire chart (4h) the bids are thin right under price, with a small cluster at 0.00425-0.0043, and then the real support is lower: the volume POC sits around 0.0040 and the liquidation map has its thickest long clusters stacked from roughly 0.0039 to 0.0042. Above, there's a band of short liqs at 0.00445-0.00455 and then the heavy ones at 0.0048 and 0.0050.
Binance futures are not helping the bulls. OI is basically flat around $86M, funding still slightly positive, and about 72% of accounts are long. That's a crowded long side sitting on top of a liquidation pocket, while top traders are a lot less keen at roughly 59% long.
My read: until
$PEPE gets a 4h close back above 0.00455, I think a sweep into 0.0040-0.0042 is more likely than a squeeze. If that sweep gets bought fast, that's the long I'd want, aiming back at 0.0045. Patience here 🐸
Are you buying the 0.0040 area if it comes, or do you think it bounces before that?
NFA, just my read.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#PEPE #Memecoins #NanoTrading