Over the past 24 hours, the memecoin PEPE has shown increased volatility, encountering a key 0.618 Fibonacci resistance level. The current price is testing the lower boundary of the trading range.
Technical Aspects of PEPE
PEPE was rejected at the 0.618 Fibonacci level, confirming the strength of overhead resistance. The price is currently trading just above the value area low (VAL), with traders closely monitoring signals for potential continuation or breakdown.
Price Scenario
If PEPE fails to hold above the VAL, this could lead to a retracement towards the point of control (POC), where another 0.618 Fibonacci level resides. A reaction from the POC could validate the next higher low, preserving the bullish market structure.
Expectations for Future Movement
If PEPE can maintain its position above the POC and confirm a higher low, it may open up further attempts at rising prices. However, losing support will shift traders' attention to deeper downside levels and potential breakdowns from the current range.
The current situation with PEPE exhibits key technical aspects that will significantly affect its future movement. Support in key zones and confirming signals will be critical in determining trading direction.
