Murphy's in-depth data analysis on pepe has recharged my faith once again. While others are fearful, I am greedy; the bears will not easily let go of such a good opportunity window. Where will pepe drop to at its lowest? Should I cut losses or gradually increase my position? Sister Bei will explain it all to you from a technical analysis perspective!
First, can the support around 1000 for pepe hold? Sister Bei has reminded many times that this is the lower edge of a daily level converging large triangle. Personally, I judge that this overall decline cannot hold because pepe's position is on low volume, and the big coin has not shown signs of increasing volume to stop the decline. At the same time, the big coin has also broken the support line of the rising channel formed since 74500. If the big coin drops to around 112000, then similarly, pepe's support line will surely break.
So, after pepe effectively breaks the major structural support, what should we do? Should we cut losses in the medium to long term? Sister Bei believes there is no need to worry at all. First, during this rapid decline of the big coin and Ethereum, in the short term, we can see that pepe has not been following the drop too much. Also, because it didn't rise much before, the drop has clearly narrowed. This indicates that the selling momentum is weakening and there is buying support, which is proven by the corresponding buying data in M's posts.
From a second perspective, referring to the strong support levels of 830 and 760 since pepe hit the bottom on April 5, the most pepe can drop is about 30%. Why is Sister Bei so confident? Because since pepe was listed on Binance, it has never once dropped to the lower band of the Bollinger Bands weekly chart; not even once! This is a titanium alloy-level major support price, and this weekly lower band is rising at a speed of about 60 each week. This week it is at 683, next week it will reach 740, and the week after that it will hit 800.
Therefore, there is not much space and time left for pepe to drop. In terms of time, it’s just two to three weeks. Sister Bei is quietly waiting for the opportunity to greedily increase her position, referencing the big coin's 10% pullback to 112000 and 15% pullback to 105800 at which point leverage will be employed to continue buying pepe in large quantities. Cherish every opportunity to enter during major declines; with a 20%-30% drop in spot prices, aiming for a 1-2 times increase is quite a favorable risk-reward ratio. Who knows, there might be a big surprise! 😁😁 After the storm, there will always be a rainbow 🌈, and I believe we will eventually reach the shore!
