Pepe is faced with the decisive moment, since he rejects the key level of resistance aligned with the appeal of 0.618 Fibonacci. The price action now checks the lower boundaries of the current merchant range.
Memecoin Peepe (Peepe) observed increased volatility over the past 24 hours, after a clear rejection of the main level of resistance, which corresponds to the circulation of 0.618 Fibonacci. Since the token is now trading just above the level of the cost of the cost of its range, the traders carefully monitor signs of continuation or breakdown. This zone becomes the battlefield between the bull -minterity low formation and continuation of bear rejection.
Key technical points
- Refusal at 0.618 Fibonacci: The price was rejected from the key level of resistance, which perfectly corresponds to the level of golden fibonacci.
- Support in the cost of low: Pepe clings to support in VAL, a critical structure in the current trading range.
- Potential rotation to the control point: The gap below VAL can lead to a complete return to the control point, where another 0.618 FIB levels live.
After a deviation from the level of 0.618 Fibonacci, Pepe quickly retreated to the area of the low range. This refusal confirms the strength of the overhead resistance, and now the market is faced with a binary script: either they form a higher low level to continue the bull continued, or revolve back to the control point if support does not succeed.
POC is located as a strong candidate in support from the merger of volume and the second level of recovery of 0.618 Fibonacci. The reaction of this area can confirm the following higher level and maintain the bull structure, but the inability to keep it will probably confirm weakness and open the door for a deeper decline.
Despite the recent weakness, Pepe did not completely break. Technically, the current installation still offers a real scenario of the highest level. This means that the paddles to support POC can be considered as opportunities for purchase, but only if confirmation signals arise, such as bulls or jumps in volume.
There is also a potential double sample, although traders should be careful in order to rely on this formation without additional merging. The combination of the structure, the alignment of Fibonacci and the level of volume profile will become the key to confirming the reliability of this area of potential change.
What to expect in the upcoming price action
If PEEPE can maintain support over POC and turn the confirmed higher level, the token may try another step to the maximums of the range. Nevertheless, the loss of support will attract attention to deeper levels of the deficiency and probable destruction from the current structure of the range.
