Yesterday, $PEPE attempted to break through the key SSB level at the 0.618 Fibonacci retracement but failed. Worse, the prices then fell back below the SSB, crossing back down through the Ichimoku cloud, and are currently being supported at the Kijun level. We observe that negative selling volumes are increasing, and the bullish trend line is under attack at the current price levels. Additionally, the RSI is dropping from the overbought zone.

Given these factors, we might expect a potential rebound at the 0.786 Fibonacci retracement level. However, if this support doesn't hold—especially since current supports seem unreliable and no positive news is expected today—the prices might stabilize even lower than they are now. Currently, the price is at 0.00001260.

The silver lining is that if prices drop further, it could present a new entry opportunity. The main concern is if $PEPE breaks below the major trend line and continues to trade below the Ichimoku cloud on the 4-hour chart. The best-case scenario would be a rebound at 0.786 and a subsequent attempt to break back above the Ichimoku cloud, ultimately overcoming the SSB resistance on a second attempt.

Exercise caution and stay vigilant. Today's market may likely be a dull day of range-bound movement or price stabilization, without significant excitement.

Feel free to share your thoughts and questions in the comments.

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