PEPE consolidation continues, breakout incoming?

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.

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PEPE:

• PEPE managed to find support at the $0.00000826 level and the price has since sat 10% above that level.
• Price is also now grinding closer towards the main downtrend line. A break out of this line would likely see a price retest of $0.00001137.
• $0.00001137 is the next major horizontal resistance as well, so this would be the clear horizontal line that the price would need to reclaim in order to see a bullish reversal.
• The main support zone remains between $0.00000711 and $0.00000826. This zone is a potentially good long-term buying opportunity should price get there.
• The RSI has moved out of oversold territory and now it's also above its moving average. However, we'd have preferred to see a bullish divergence form in oversold territory, and we didn't quite get that.

• Next Support: $0.00000826
• Next Resistance: $0.00001137
• Direction: Neutral/Bearish
• Upside Target: $0.00001137
• Downside Target: $0.00000826

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Cryptonary's take

It's possible that PEPE's lows are in or are very close. If the lows aren't in, then we think it'll be between $0.00000711 and $0.00000826, and we do still expect that area to be retested. We'll keep assessing how the price behaves, and if it does dip lower, or it just grinds towards its downtrend line.

A move into the downtrend line, and then a squeeze to then break out of the downtrend line will likely be a good opportunity for a Long. So, do we get another downside move first or do we just grind towards the downtrend line to then break out to the upside? That's what we're debating. For now, we'll sit tight and keep watching how the price behaves.