Pepe (PEPE/USDT) Pulls Back to Support Zone After Bullish Expansion
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PEPE/USDT Price Analysis: PEPE/USDT Pulls Back and Reacts to the Bullish Order Block
PEPE/USDT price swept liquidity below the support area and pushed to break the short-term consolidation at the price level of $0.00000500. It then turned into an uptrend with strong momentum.
PEPE/USDT Key Levels
Support Levels: $0.00000390, $0.00000370
Resistance Levels: $0.00000500, $0.00000730
On the daily timeframe, price was pushed back by the resistance at the level of $0.00000730. It formed long-wick candles when it reached the bullish Order Block (OB) at the price level of $0.00000390. The selling volume at the same price level did not increase much compared to previous volume.
On the daily timeframe, the market is in the oversold region of the Stochastic Relative Strength Index (Stoch RSI) at the price level of $0.00000390. All these show signals that the market is likely to respect and reverse from the OB to continue the uptrend move. If the market breaks below the OB, it is likely to be a fake breakout (fakeout) and not a real trend shift.
Market Expectation
On the 4H timeframe, price forms an ascending channel chart pattern right at the support zone at the level of $0.00000390. The volume indicator also shows low bearish volume. This may mean the support zone is being respected, and a price reversal could happen soon.
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