The
PEPEUSDT PEPEUSD chart is approaching a key support level at 686, an area where price has previously reacted with strong bullish momentum. The current structure suggests that buyers might step in again at this zone, making it a potential area of interest for long entries.The Stochastic Oscillator is signaling an oversold condition, with a bullish crossover forming. This indicates that selling pressure may be weakening, increasing the probability of a reversal. If the price finds support at 686, a long position with a stop-loss below this level presents an attractive risk-to-reward ratio targeting the 1234 resistance level.
For additional confirmation, traders could wait for a break of a recent swing high to signal momentum shifting in favor of buyers. Another approach is to monitor lower timeframes for market structure reversals once the price reaches 686, ensuring a more refined entry.
👨🏻💻💭 Will PEPE bounce from 686 again and target 1234, or will sellers take control? Let me know your thoughts below!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.