Let's Do It Again, PEPE! All Eyes On 0.000024PEPE recently pumped almost 50% and is consolidating below significant resistance. Moreover, it seems like PEPE replays its performance between March and May — if this continues, 0.000024 would be the consequence.
Here are all the details 👇
1️⃣ Chart Analysis
PEPE's chart shows strong similarities to its performance between March and the end of May. At that time, PEPE corrected after its massive pump, bounced off the EMA200 line, attacked a significant resistance several times, finally broke through, and pumped 100% again.
Afterward, PEPE corrected again until it bounced (again) off the EMA200 level at the beginning of July. Currently, PEPE had its first attempt to break through the significant resistance.
If history repeats, PEPE will enter a consolidation phase right below the resistance and try to break through. Based on the current (bullish) market conditions, this might happen much faster than in April/May.
Once the resistance breaks, PEPE could quickly rally to its previous ATH. However, if PEPE mirrors its earlier performance, the target sits at 0.000024, resulting in another 100% compared to its current level.
2️⃣ Technical Indicators
PEPE's trend indicators continue to signal a strong uptrend. Based on the recent bounce, momentum indicators have flashed overbought signals. Therefore, it is likely that we will see a (short) period of consolidation, as explained above.
3️⃣ Trade Signals
PEPE does not provide any significant and relevant trade signals on higher timeframes, such as the daily or weekly charts. Yesterday, the 4H chart flashed some Power Scalper signals. However, they've already played out. Moreover, the Power Scalper is usually the signal that appears at the end of a trend before a consolidation starts.
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