Pepe Token Faces Critical Support Test
Pepe (PEPE) is at a crossroads after being pushed back from a meaningful resistance level. The token’s price was rejected at the 0.618 Fibonacci retracement, a key technical level.Now, it’s hovering near the lower end of its trading range.traders are closely watching to see if it will bounce back or fall further.
Here are the main points:
- Rejection at 0.618 Fibonacci: the price couldn’t break through this strong resistance.
- Support at Value Area Low: PEPE is holding onto this crucial support.
- Potential Move to Point of Control: A drop below this support could led to a deeper decline.
After failing at the 0.618 Fibonacci level, PEPE retreated to the value area low.This level acts as a battleground between bulls and bears.If it holds, it could form a higher low and continue its upward trend. If it breaks, it might fall back to the point of control, another critically important support level.
despite recent weakness, PEPE hasn’t fully broken down yet. The current setup still allows for a higher-low scenario. Dips toward the point of control could be buying opportunities, but only with bullish signs like volume spikes.
There’s also a possible double bottom pattern. But traders should be cautious without more confirmation. The combination of structure, Fibonacci alignment, and volume will confirm any potential reversal.
What’s next? If PEPE stays above the point of control and forms a higher low, it may try to rise again.But if it loses support, it could face more losses and break out of its current range.
For more insights, check the PEPEUSDT Chart (16H).
