The 50% retracement level and the daily RSI indicated a possible range formation. However, the rising buying pressure and the liquidation heatmap gave opposing signals.

50% 回撤水平和日 RSI 表明可能形成区间。然而，不断上升的购买压力和清算热图发出了相反的信号。

Pepe (PEPE) struggled to break past a local resistance level. The memecoin showed signs of forming a range, but a bullish chart pattern is also a viable scenario, according to a previous AMBCrypto report. The on-chain metrics showed that the selling pressure might rise in the coming days, the report added.

佩佩（PEPE）难以突破当地阻力位。根据之前的 AMBCrypto 报告，memecoin 显示出形成区间的迹象，但看涨图表模式也是一种可行的情况。报告补充说，链上指标显示未来几天抛售压力可能会上升。

To determine the more likely path for PEPE, liquidation levels data was investigated alongside technical analysis.

为了确定 PEPE 更可能的路径，我们对清算水平数据和技术分析进行了调查。

Key Long-Term Fibonacci Retracement Level Defended
Source: PEPE/USDT on TradingView

关键的长期斐波那契回撤水平 DefendedSource：TradingView 上的 PEPE/USDT

During the retracement in the second half of May, the selling pressure began to intensify. In mid-June, the CMF fell below -0.05, signaling hefty capital outflows. It was anticipated at that time that PEPE prices would retrace the entire mid-May rally and fall to $0.0000089.

5月下旬回调期间，抛售压力开始加剧。 6月中旬，CMF跌破-0.05，表明资本大量外流。当时预计 PEPE 价格将回溯整个 5 月中旬的涨势并跌至 0.0000089 美元。

The bulls ensured that this did not happen and valiantly defended the 78.6% retracement level at $0.0000107. However, they were not strong enough to force a breakout past the 50% retracement level at $0.000013.

多头确保这种情况不会发生，并勇敢地捍卫了 0.0000107 美元的 78.6% 回撤位。然而，它们的强度不足以突破 0.000013 美元的 50% 回撤位。

The CMF was also back above the +0.05 level, but the daily RSI was sluggish. It fluctuated around the neutral 50 mark and did not yet signal a bullish shift in momentum.

CMF 也回到+0.05 水平上方，但日线 RSI 低迷。它在中性 50 关口附近波动，尚未表明看涨势头发生转变。

Should Traders Prepare for Another PEPE Price Slump?
Source: Hyblock

交易员是否应该为 PEPE 价格再次暴跌做好准备？来源：Hyblock

The liquidation heatmap data of the past three months noted that the $0.000008-$0.000009 zone had a large cluster of liquidation levels. They could attract prices like a magnet, especially since the 50% Fib retracement level continued to serve as a strong barrier. Not every liquidity cluster is guaranteed to be visited. If the bulls establish themselves in the coming weeks, the $0.000018 zone would be the next liquidity target.
Source: Hyblock

过去三个月的清算热图数据表明，0.000008-0.000009 美元区域存在大量清算水平。它们可以像磁铁一样吸引价格，特别是因为 50% 斐波那契回撤水平继续充当强大的障碍。并非每个流动性集群都保证被访问。如果多头在未来几周内站稳脚跟，0.000018 美元区域将成为下一个流动性目标。来源：Hyblock

Realistic or Not, Here's PEPE's Market Cap in BTC's Terms

不管现实与否，这是 PEPE 以 BTC 计算的市值

The liquidation levels of the past two days showed that short positions far outnumbered the long positions. This meant that a price bounce to squeeze these short positions was likely. The next large pockets of liquidity in the short term are at $0.0000122 and $0.0000134.

近两日的清算水平显示，空头头寸数量远多于多头头寸。这意味着价格反弹可能会挤压这些空头头寸。短期内下一个大的流动性是 0.0000122 美元和 0.0000134 美元。

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