$PEPE Forming A Hammer On Daily 📈
Could this be the point of reversal? As the market is already oversold, here is some hint of fresh money that could fuel some life back into the dead.
📊 After a steep decline from the highs of $0.00001725, Pepe went down for three straight weeks and formed a Bullish Flag and pole pattern on the daily time frame. The strong support at $0.00001 had a retest during this decline but eventually the price bounced back above the local support of $0.00001075. At the time of writing Pepe was flickering near $0.0000108 down 3.9% for the day.
This has left a long lower shadow in today's candle and currently this is the formation of a hammer. The flag (descending channel) has been respected throughout this move and we witnessed the retest of first support. Next down $0.000009 is the cushion which will unfortunately add zero but that would be temporary. Though this looks like a least probable scenario.
On the weekly time frame the red has eclipsed this week's move as well but a recovery from here would certainly break the chains.
Today's closing must have to go above $0.00001075.
