The currency $PEPE is currently still in a bearish sequence, with signs of a potential shift to bullish in the smaller time frames. We need to see if the rising trend line and support level can hold after it pulls back.

It was previously mentioned that Fibonacci extension level 1 is a place to take a position, and then it started to pull back. Currently, it has formed an upper shadow and continues to pull back, making today's movement very crucial. If it can break below the 830 neckline today, there will be significant downward space.

Of course, if it rises again, as long as it doesn't break the previous high, it will still be viewed as a head and shoulders pattern, continuing to short it.