Think Pepe is trading a bearish wedge right now, so we should see another leg up today or tomorrow. Given the current weakness of the overall market I think there is a decent chance it might play out. Usually inexperiencend traders get trapped longing the final leg of the wedge, which can overshoot just above resistance only to dump hard hours later, so I would be careful here and wait for a bigger pullback.
Stay safe!
Stay safe!
Note
Now we got that overshoot above resistance. Usually this is where breakout traders get trapped longing the breakout on leverage. If we drop back inside the wedge coming hours it should play out. But if you want to short it I would wait if it gets BELOW the support line. It could simply squeeze up more from here.Note
Quite the overshoot, but now back inside the wedge. Meme coins looking weak across the board, think we will see another dump coming days for Pepe etc.Note
As expected, it's starting to drop as we speak. Looking at the overshoot I shouldn't be surprise it went way above the wedge but since it's a shitcoin and people usually start to FOMO on those. Now I'm expecting another 30% drop from current levels.
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.
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.