The price movement has perfectly aligned with my previous outlook, reaching the anticipated target. PEPEUSDT underwent a significant pullback after forming a double top at a key resistance zone. This retracement led to a breach of the support level, followed by the formation of a long-tailed bar, signaling a liquidity grab. At present, the price is testing the consolidation zone, which has held steady for over four months. This setup suggests a potential breakout-pullback-retest pattern, and if the price manages to stay above this level, I expect gradual upward movement, possibly starting in the new year.
The current price action offers a crucial test of the market's strength, as it revisits a major consolidation area. Should the price hold above this zone, it could signal a fresh push towards higher levels. Patience is essential as we await confirmation through price action. If the market maintains its position above this zone, I foresee a gradual rise, with the resistance level around 0.00002340 as a key target to monitor in the coming months.
In conclusion, while the price action suggests a possible breakout, the real challenge lies in observing whether the market can sustain above the consolidation zone. The focus now shifts to waiting for solid confirmation through subsequent price movements, and my objective remains a move towards the resistance level at approximately 0.00002340. With the potential for continued upward momentum, the next few weeks may offer critical insights into the market's direction.
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