Day Traders (Scalping)
$PEPE is currently trading in a clear sideways range on the hourly timeframe between levels of 0.00001260 as strong support and 0.00001450 as major resistance. During the recent sessions, we have observed repeated bounces at these two boundaries, reflecting a balance between buying and selling forces and the inability of either side to assert control for an extended period.
For day traders who enjoy scalping, this sideways movement presents an excellent opportunity to take advantage of price fluctuations within the defined range. As the price approaches the level of 0.00001260, a short-term buy trade can be initiated with a tight stop-loss placed below the support, while when the price touches the resistance at 0.00001450, profits can be taken or a sell trade can be opened with a slight stop-loss placed above the resistance.
It is also advisable to monitor the RSI indicator; its reaching the oversold area (below 30) at support gives a strong buy signal, while its reaching the overbought area (above 70) at resistance indicates a profit-taking or selling opportunity.
By using this well-defined strategy, traders can capitalize on small fluctuations within these boundaries during intraday trading, with strict risk management and clear stop orders to protect capital.
