Chart Analysis (PEPEUSDT.P, 1D)
1. General Trends and Formations
• The symmetrical triangle formation (contraction) on the chart draws attention and there has been an upward break from this formation.
• After the breakout, the upward movement continued and the price consolidated with a bull flag formation. The target of this formation is usually as high as the length of the flagpole.
2. Target and Prices
• After the breakout to the upside, the price's flagpole target points to around 0.0000021837 (potential upside of 240%).
• First short-term resistance zone: 0.0000020000.
• Main target: range 0.0000023000 to 0.0000024000.
3. Support and Resistance Levels
• Supports:
• 0.0000015000 (previous formation lower level).
• 0.0000013000 (significant horizontal support).
• Resistors:
• 0.0000020000 (initial target).
• 0.0000023000 and above.
4. Indicator Analysis
• Volume: Increasing volume during the rise confirms that the upward movement is strong. However, decreasing volume in the flag formation is striking; an increase in volume should be expected for a breakout.
• RSI: It may be in the overbought area. This may indicate that the price may make a correction in the short term.
• MA (Moving Average): Medium and long-term moving averages (e.g. MA50 and MA200) have crossed upwards, which is a positive signal.
5. Trend Direction
• Main trend: Upward.
• The flag formation formed after the breakout supports that the uptrend will continue.
6. Strategy and Recommendations
• Short Term Transaction:
• You can wait for the price to break the flag formation upwards and enter with an increase in volume.
• Target: 0.0000022000 – 0.0000023000.
• Stop-loss: Must be below the level of 0.0000015000.
• Long Term Transaction:
• Since the main trend is upward, positions can be taken during pullbacks.
• A possible pullback to the 0.0000013000 level may be a good opportunity to buy.
7. Risks
• If the flag formation is broken down: The price may quickly return to the support levels.
• Since the RSI is in the overbought region, a short-term correction may occur.
Conclusion
While the chart carries a strong uptrend potential in the short term with a bull flag formation, it is important to monitor support levels in case of possible pullbacks. The formation target is 0.0000021837 with a 240% increase. However, volume and RSI indicators should be followed closely.
