Market Direction
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
- PEPE is showing an interesting chart now having fully retraced its Q4 2024 move higher.
- Price is in a general downtrend and it has also lost a number of key horizontal levels.
- Price is however close to a major support zone between $0.00000711 and $0.00000826. This zone would be the area we'd choose to potentially accumulate a position.
- The two key horizontal resistances are at $0.00001137 and $0.00001424. If the price can break out of the downtrend line and the $0.00001137 level, this would likely ignite the bullish reversal.
- The RSI was in overbought territory, and it's seeing its moving average as a resistance. We're yet to see a bullish divergence form, which might be what PEPE is looking for to then see more substantial upside.
- Next Support: $0.00000826
- Next Resistance: $0.00001137
- Direction: Neutral
- Upside Target: $0.00001137
- Downside Target: $0.00000711
Cryptonary's take
We're watching PEPE with a more keen eye at the moment. However, we see that PEPE has to form a bottom and for that, we might need to see it grind out/flatten out between or just above $0.00000711 and $0.00000826.This will likely take more time, but this is the most likely way we'll see a bottom form. For now, we're not confident in any meaningful bounces (we might get a slight one, but that might arguably already have happened), so for now we remain patient.
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