PEPE at Range Support After 0.618 Fibonacci Rejection – Decision
Key Highlights:
Rejected from the 0.618 Fib retracement, a key technical resistance.
Testing value area low — critical support within current range.
If broken, expect a rotation to the point of control, offering potential bounce setup.
Full Analysis:
PEPE’s failure to break through the 0.618 Fibonacci resistance has triggered a short-term pullback. The current price is barely holding the value area low, a crucial support that separates continuation from correction. A loss of this level opens the door for a rotation to the point of control (POC), where we again see a 0.618 Fib confluence — making it a major decision zone for bulls.
If the POC holds, a potential higher low could be established — keeping the broader uptrend intact. However, a break below POC would weaken the bullish structure and shift momentum back to sellers. Watch for volume confirmation and candlestick signals to validate any setups from here.
Bias:
Leaning bullish on reclaim of value area low.
Cautious bearish if price loses POC cleanly.
