$PEPE Cryptocurrency: Will it fall into the trap of a rising wedge?
PEPE has been on a roll recently, with prices climbing up from the bottom and a billion dollars of capital flowing in to support it. We need to take a good look at the price trend to see what the future holds for PEPE.
PEPE is currently priced at $0.0000176, but it fell 1.4% today. It is now in a pattern called a rising wedge, which doesn't look good.
A few days ago, PEPE tried to break through the $0.00001942 barrier, but the price suddenly went up, and the trading volume also soared to nearly $1 billion. But investors are still wondering, if PEPE encounters resistance, will it form a bearish rising wedge, and then the daily highs will get lower and lower?
The trend line is getting narrower and narrower, and the rising wedge is really a bit shaky. This shows that PEPE's upward momentum is slowly weakening, although it tried to hit several highs this week and consolidated for a while.
Now everyone is watching to see whether the 20-day moving average of about $0.00002020 will cause PEPE to turn around and fall, or whether the bulls can regain some confidence in the consolidation zone.
However, the relative strength index RSI does give some hope. It has now dropped to 48 and has formed a divergence with the price trend. This may be a signal of an upward trend, which is contrary to the worrying technical chart.
In general, if PEPE rises, the target is $0.000019, which can rise by about 7.85%; if it falls, it will reach $0.00001728, which will fall by about 2.37%. From this point of view, the risk-reward ratio in the short term is 3.31, which is a lot of volatility, so you have to be careful when trading.
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