PEPE/USDT Technical Analysis
Pepe has broken from the narrowing triangle formation it stuck within for a long time. The breakout will confirm the bullish momentum if the price can hold above the resistance level of $0.00001221. Pepe is trading above the downtrend and the upper border of the triangle formation.
The first horizontal resistance zone is $0.00001489–$0.00001599 after this successful breakout. On the other hand, it is known that this resistance zone worked as a strong sell area in the past. A possible breakout could push the price to the level of $0.00001990 and $0.00002800 respectively.
In the event of a pullback, the first strong support to follow is $0.00001221, which the price could retest as a support of the broken downtrend. In case of deeper correction, we should be following the support levels of $0.00001060 and $0.00000932.
Summary:
- Triangle formation has been broken upwards.The price signaled a bullish momentum by surging above the trend.The range between $0.00001489–$0.00001599 is a strong resistance.
If this area gets broken, the targets are as follows:→ $0.00001990→ $0.00002800
Possible supports in case of a pullback are as follows:→ $0.00001221→ $0.00001060→ $0.00000932
After the breakout, the price did not remain within the triangle formation and did not need to retest, which suggests that buyers are strong here.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
