Looking at the chart, for the PEPE pair, I see that PEPE has been trading within a descending channel (denoted by the blue parallel lines). However, the price recently broke above the upper boundary of this channel, indicating a possible bullish breakout from the downtrend.
Key Points of Analysis:
1ïžâŁ Channel Break:
- PEPE has been in a descending channel pattern for a while, which is usually a downtrend.
- A breakout above the upper resistance of the channel indicates a possible trend reversal to the upside. Breakouts from descending channels are generally considered bullish signals, especially when confirmed by increased volume.
2ïžâŁ Fibonacci retracement levels:
- The yellow lines on the chart may represent Fibonacci retracement levels, which are often used to identify support and resistance points.
- The current price is approaching the 0.00000100 level, which could act as resistance based on previous price action. If the price continues to break above these Fibonacci levels, we could see further upside.
3ïžâŁ Main support zone:
- The yellow horizontal zone around 0.00000080 appears to be an important support level, which the price bounced off before the breakout. As long as this level holds, it can be considered a solid support base for future price action.
4ïžâŁ Potential targets:
- If the breakout holds, the next targets to watch would be the higher Fibonacci levels. Specifically, 0.00000110, 0.00000130, and 0.00000150 are notable resistance points where the price could face selling pressure.
5ïžâŁ Risk factors:
- If the breakout fails and the price drops below 0.00000080, the downside momentum could resume, pulling PEPE back into the channel.
In short
This is a bullish signal for $PEPE, but what matters is how well the price holds above the channel and whether it can break above the resistance levels marked by the Fibonacci retracement lines. Keep an eye on the 0.00000100 and 0.00000110 levels for confirmation of continued bullish momentum.
