PEPE (PEPE/USDT) Previous Resistance Zone Becomes Support Zone
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PEPE/USDT Technical Analysis: PEPE/USDT Reacts After Retesting a Breakout Resistance Zone
PEPE/USDT is currently in a long-term downtrend from August to December, breaking previous resistance at the price level of $0.00000500. This price is at a strong momentum. A double bottom pattern was formed at the price level of $0.00000370.
PEPE/USD Key Levels
Support Levels: 0.00000370, 0.00000400
Resistance Levels: 0.00000500, 0.00001000
On the daily timeframe, price near the support zone at $0.00000400 shows a weakening downtrend with a double bottom chart pattern followed by a liquidity grab. After the grab, the market broke the neckline of the pattern, confirming a trend shift to the upside.
The daily timeframe shows price reacting to a confluence zone of Support, Fair Value Gap (FVG), and Fibonacci discount zone at the level of $0.00000500. The Stochastic Relative Strength Index (Stoch RSI) shows price is in the oversold zone, signaling a possible bullish reversal from this area.
Market Expectation
On the 4-hour timeframe, price forming around the midline of the Bollinger Band shows consolidation. The Bollinger Bands squeezing together can lead to sudden market expansion, just like it did from 19 December to 4 January. All this may signal trend continuation after the corrective move.
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