$PEPE
Current Technical Situation: Quick and Accurate Analysis 🥰
There is a clear descending triangle pattern (a descending resistance line and an almost horizontal support line), indicating selling pressure.
The price has broken the previous upward trend line, reinforcing the likelihood of a decline.
There have been several failed attempts to break the descending resistance line, indicating temporary weakness in buying power.
Support and Resistance:
Near Support: Around the level of 0.00001300.
Resistance: At the descending trend line around 0.00001400 - 0.00001430.
Possible Scenarios: ⏬️ ⏫️ 📊 📉 ⚠️
1. In the case of a negative break below the support line (below 0.00001300): We may witness a continuation of the decline towards the areas of 0.00001240 then 0.00001200.
2. In the case of a positive breakout of the triangle (above 0.00001430): The price may head towards retesting the previous peak near 0.00001550.
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In summary: The price is currently in a pressure phase and is approaching a crucial decision (Breakout or Breakdown). It is advisable to wait for confirmation of the break or breakout before entering.
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