The current PEPE price has retreated 8%, which is normal and should not be surprising. The Fibonacci retracement indicator indicates a retest of $0.00001416, which is the 23.6% Fibonacci level! After breaking through the limits of the ascending parallel channel, Pepe has shown a bullish trend so far. After a series of higher highs in the single-day time frame of the PEPE/USD trading pair, the altcoin may need to correct before the next leg up. First, Pepe's price has tested the upper band of the Bollinger Band indicator and is facing resistance. This usually indicates that the asset is overbought, and the relative strength index (RSI) above the threshold of 70 further confirms this assumption. The nodes of the volume curve have also narrowed, indicating that the bullish sentiment in the PEPE market has eased. After breaking below the $0.00001416 level, Pepe's price may fall to the 38.2% Fibonacci retracement level of $0.00001224. In extreme cases, the production cuts could push Pepe prices down to the 50% Fibonacci placeholder of $0.00001069. A breakout and close below this level would invalidate the current bullish outlook.
Finally, if you can’t handle a 99% drop in the cryptocurrency world, how can you expect a 100x return!
*The above suggestions are for reference only and do not constitute any investment advice!
