Why has the meme coin of $PEPE been stagnant recently, even as Bitcoin rises? The reason is that pump.fun has faced a collective lawsuit, negatively impacting meme series coins and withdrawing liquidity, which is why meme coins cannot rise.
🐊
As shown in the chart: the Fibonacci 1:1 retracement target for Pepe on the daily chart has been exceeded, and it has deeply retraced to the 1.618 position. This is also the support level for Pepe on the daily chart.
Similarly, from the daily chart perspective, it seems to be forming an inclined W bottom. To complete the W bottom on the daily chart, it must break and hold above 1428; only then can we look at the target positions above 1662-1968.
🐊
If Pepe breaks below the 1209 support level on the 6-hour chart and does not quickly recover, it will need to test the previous low of 1133. If the previous low of 1133 is broken, the lower range of 1034-928 welcomes your entry.
Continuing to observe the daily chart, currently, Pepe is under pressure from the EMA 200 daily moving average, and the 20-day and 50-day moving averages are diverging downwards, which is not a good sign.
If in the following days Pepe can break the EMA 200 daily moving average resistance, the crisis will be resolved. If it cannot effectively break and hold above it and the EMA 200 daily moving average continues to diverge downwards, it will have deteriorated and will need to consolidate for a long time.
🐊
Finally, for those looking to buy Pepe spot, you can refer to the three spot entry positions circled in red in my chart; if you can get in, be bold.
Don’t be deceived by Pepe’s current lethargy; when it rallies, it is also very aggressive. I am more optimistic about the market in February-March because the Ethereum upgrade in February will lead to early speculation; when Ethereum rises, altcoins will surely soar. This might be your last chance to get on board, meeting adjourned.
