PEPE/USDT technical analysis and trading plan by Blaž Fabjan
PEPE/USDT trading pair, here's a breakdown of the technical analysis and trading plan by Blaž Fabjan:
Symmetrical Triangle Formation:
There is a symmetrical triangle pattern highlighted. This is typically a continuation pattern that signals a breakout, either upward or downward, depending on which side breaks first. Currently, the price is consolidating near the end of the triangle. A breakout is expected soon.
Support and Resistance Levels:
Immediate support: $0.000000807 (marked by a blue horizontal line). This is a key level to watch; if it breaks below, the price may retest lower support zones.
Next support: $0.000000766.
Key resistance: $0.000000886. This level represents a potential target for an upward breakout from the symmetrical triangle.
Higher resistance: $0.000000986, should the price breach the first resistance level. Volume:
The volume bars are relatively lower in recent periods, but the volume could increase when a breakout occurs. Pay attention to a spike in volume confirming a breakout direction.
VMC Cipher-B Indicator:
The VMC Cipher indicator shows a bit of sideways movement in the momentum, with no strong divergences visible. Keep an eye on this to spot potential bullish or bearish divergence.
RSI (Relative Strength Index):
RSI is around 51.88, which indicates a neutral market. There’s no overbought or oversold signal, but the RSI may rise if there’s an upward breakout from the symmetrical triangle.
Stochastic RSI:
The Stochastic RSI is at 46.67, which is close to neutral but leaning slightly toward a potential upward crossover. This could indicate buying pressure may soon increase.
Potential Trading Plan: Bullish Scenario (Breakout Upwards): Entry point: If the price breaks above the symmetrical triangle resistance line and holds above $0.000000886 with increased volume. Target: First target can be around $0.000000986. If strong momentum continues, higher targets may be set at key psychological resistance levels. Stop-loss: Place a stop-loss just below the triangle support level, ideally around $0.000000807.
Bearish Scenario (Breakout Downwards): Entry point: If the price breaks below the symmetrical triangle and the $0.000000807 support level with high volume. Target: First target would be $0.000000766 and further down to $0.000000666 if the bearish momentum persists. Stop-loss: Place a stop-loss above the resistance level of the symmetrical triangle, around $0.000000850.
Neutral/Consolidation Scenario: If the price continues to move sideways and no clear breakout occurs, it’s best to wait and observe how the market reacts at these key levels.
Summary: Watch for a breakout from the symmetrical triangle. A move above $0.000000886 with strong volume will likely result in a bullish continuation, while a breakdown below $0.000000807 signals bearish action. Keep an eye on the RSI and volume indicators to confirm momentum.
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