Will this cryptocurrency, PEPE, become the unfortunate victim of the ascending wedge? We need to talk about it.
You see, PEPE has been performing well lately, with its price climbing from a low point, and a trading volume of 1 billion backing it up. But let's be rational and take a look at how the price trend actually is.
Currently, PEPE's price is $0.0000176, down 1.4% compared to yesterday. Furthermore, it is still oscillating within that ascending wedge. On Wednesday, it attempted to break through the resistance at $0.00001942, and the trading volume surged, almost reaching 1 billion.
However, investors are feeling anxious; if PEPE's price encounters resistance, this ascending wedge could turn into a bearish signal, and the daily highs would start to decline. The trend line is becoming narrower, which is not a good sign, indicating that the upward momentum is weakening. Even though it has tried to push through a few highs this week, it is still overall consolidating.
Now everyone is watching closely to see if that 20DMA (currently around $0.00002020) will cause PEPE to turn downwards or if it will allow the bulls to find support in the consolidation area and rise again.
However, the Relative Strength Index (RSI) has given a glimmer of hope; this index has dropped to positive divergence during the consolidation period, and the current reading is 48. This could indicate an upward breakout, countering the concerning technical pattern.
So, if PEPE goes up, the target is $0.000019, which could represent an increase of around 7.85%. But if it goes down, it might drop to $0.00001728, representing a decline of about 2.37%. Looking at it this way, the short-term risk-to-reward ratio is 3.31, indicating significant volatility, so trading should be approached with caution.
Regarding the next strategic direction, I will lead everyone to aim for high-profit opportunities in altcoins, especially those with great potential, where a projected space of more than 10 times is not a problem. If you want to make big money in a bull market, like + comment, and I will guide you to lay out the entire bull market!
