PEPE
Unlike both Dogecoin (#DOGE ) and Shiba Inu (SHIB#), PEPE defied the downward trend in May. It rose steadily throughout April, reaching a record high of $0.00001722 before pulling back slightly in the past few days.
The upward momentum that PEPE's stock experienced was supported by a completed bullish setup at key Fibonacci expansion levels. However, profit-taking caused a decline to $0.000012. Fortunately, this drop was halted by a strong short-term upward trendline.
This buying reaction above the trendline suggests a potential resumption of the rise #PEPE . A daily close above the $0.000013 level in the coming days would serve as a strong confirmation. This movement is likely to push the Stochastic Relative Strength Index out of the oversold territory and bring the price back above the 8-day and 21-day exponential moving averages—all bullish signals.
In the upward direction, a potential rebound could lead PEPE to surpass the critical resistance level at $0.000015 and potentially reach new peaks in the range of $0.000018 - $0.000019.
However, a breakout below the $0.00001160 level on the daily chart could indicate a trend reversal. This could lead to a prolonged correction and a potential short-term decline to the $0.000009 area.
