$PEPE Expecting A Seesaw Move Ahead
So, how many of you bought the dip? That small correction turned out to be a mega sale for the buyers since it was like a wait of ages coming to an end.
📊 The week almost concludes with a healthy correction and the new support levels are getting built on the prices mentioned in the previous post.
📈 Now, let's go through the daily chart first. It has taken support on the upper trendline of the ascending channel and extended it's upward journey.
But this week's sell off has put the buyers on the backfoot. And trading below the 7DMA (Daily Moving Avg.) puts more stress on the prices going downwards. At the time of writing Pepe was trading just above $0.000014 making it 5% down for the day.
This is a major support area for the memecoin followed by $0.000013. I've mentioned a final resort at $0.0000125 (in dotted lines) as this was tested once.
So, in the coming week chances are there it may fall inside the channel which means breaking the resistance trendline.
📈 Now Let's jump to weekly chart.
The significant volume of the candle is signalling weakness and we may witness the support getting broken again. The fall may stretch towards $0.000013 and the final resort which I mentioned above may get a retest.
The weekly RSI above 70, currently trading at 73.87 shows overbought levels.
All in all, a sideways movement is awaiting in the week ahead and there will be one more chance for the buyers to fill their bags one last time before the big take off again.
💰 Though the chances are minimum, but in case of a reversal resistance is at $0.000016 and $0.000017 respectively.
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