🚨Technical analysis of $PEPE . Should you BUY or SELL?
(SELL)
1. Fibonacci Levels: The price is currently hovering around the 0.236 Fibonacci retracement level ($0.00001893), which often acts as a key support/resistance zone.
2. Moving Averages (MA):
MA(7) is above the current price, indicating short-term bearish pressure.
MA(25) is closely tracking the price, suggesting consolidation.
MA(99) is trending down, signaling a longer-term bearish trend.
3. Volume: A significant decline in volume is noticeable, which could imply weakening momentum in either direction.
4. Short-Term Trend:
The price has rebounded from $0.00001766 (0.236 Fibonacci support) but faces resistance at $0.00001969 (0.382 Fibonacci).
A break above $0.00001969 with volume could indicate short-term bullish continuation toward $0.00002264 (0.618 Fibonacci).
If the price fails to maintain above $0.00001766, it might revisit lower levels near $0.00001436.
5. Long-Term Perspective:
The overall trend remains bearish, as indicated by the downward-sloping long-term moving average.
The price needs to decisively break above the 0.618 Fibonacci level ($0.00002264) and maintain momentum to signal a potential long-term trend reversal.
Recommendation:
Short Term: Consider buying only if the price breaks above $0.00001969 with strong volume, targeting $0.00002264. Otherwise, maintain caution or trade within the consolidation range.
Long Term: Avoid accumulating unless the price sustains above $0.00002264 with confirmation of a trend reversal. Any failure to break key resistance levels could lead to further declines.
As always, manage risk with proper stop-losses and position sizing.