Pepe faces a crucial moment as it rejects from a key resistance level aligned with the 0.618 Fibonacci retracement. Price action now tests the lower bounds of the current trading range.

The memecoin Pepe (PEPE) has seen increased volatility over the last 24 hours, following a clear rejection from a major resistance level that aligns with the 0.618 Fibonacci retracement. As the token now trades just above the value area low of its range, traders are watching closely for signs of either continuation or breakdown. This zone is becoming a battleground between a bullish higher-low formation and bearish rejection continuation.

Key technical points

Rejection at 0.618 Fibonacci: Price was rejected from a key resistance level that perfectly aligns with the golden Fibonacci level.Support at Value Area Low: PEPE is clinging to support at the VAL, a critical structure in the current trading range.Potential Rotation to Point of Control: A breakdown below the VAL could lead to a full retracement back to the point of control, where another 0.618 Fib level resides.