PEPE - Speculating on the newest Meme
Its hard to accurately chart a semi-liquid post-parabolic memecoin, but it looks like a major decision point incoming.
If major bids don't show up soon, it will drop down to retest the horizontal support, and failing that lead to a breakout to the downside. However a small downsize move below support could confirm a flag and leads to a nice rally if it taps a sufficient demand zone.
Note: Liquidity is a risk with this token and at any point one of the larger bagholders could crush the price due to limited liquidity. If that improves it also improves the prospects for a longer term price appreciation.
My bias is still to the downside in the near term, with the descending resistance against the horizontal support with diminished volume. But if it breaks to the downside I'll consider buying a small bag, even just 50 , and holding to the next bull market. Cautious traders should look for a higher low before considering entry.
While there were many other Pepe tokens attempted in the past, this one gained more traction and could do well in the next bull market.
If major bids don't show up soon, it will drop down to retest the horizontal support, and failing that lead to a breakout to the downside. However a small downsize move below support could confirm a flag and leads to a nice rally if it taps a sufficient demand zone.
Note: Liquidity is a risk with this token and at any point one of the larger bagholders could crush the price due to limited liquidity. If that improves it also improves the prospects for a longer term price appreciation.
My bias is still to the downside in the near term, with the descending resistance against the horizontal support with diminished volume. But if it breaks to the downside I'll consider buying a small bag, even just 50 , and holding to the next bull market. Cautious traders should look for a higher low before considering entry.
While there were many other Pepe tokens attempted in the past, this one gained more traction and could do well in the next bull market.
Comment:
No ides why HKEX is tagged there. I wrote this in a hurry today during a meeting