PEPECOIN/USD Range Breakout & Retest
My previous PEPECOIN analysis was a little pre-emptive and ended in a false breakout that fully retraced the move
Since then market conditions have improved drastically and are objectively in a far better position than my previous analysis
PEPECOIN/USD showing a clear Range Breakout and is currently Retesting the top of the range as support. ETH Pairing also looking good, not quite as strong though
The Awesome Oscillator is giving some nice confluence of an impending rally, as it is close to flipping positive on the Weekly timeframe
A significant close below $3.20 is where this starts to look ugly and is likely invalidated
However, the most optimistic view would see PEPECOIN/USD closing the Month of November above $5.30 before entering price discovery in December 2024
Previous breakouts show that PEPECOIN typically blasts through all Fibonacci Extension Levels (1.618, 2.618, 3.618, 4,236). In its previous rally in early 2024, price extended 35%+ above the 4.236 level, topping out at $7.54
If price were to mirror this rally our profit targets are as following:
1.618 = $13.50
2.618 = $21.00
3.618 = $28.30
4.236 = $32.90
+35% above 4.236 = $44.40
Since then market conditions have improved drastically and are objectively in a far better position than my previous analysis
PEPECOIN/USD showing a clear Range Breakout and is currently Retesting the top of the range as support. ETH Pairing also looking good, not quite as strong though
The Awesome Oscillator is giving some nice confluence of an impending rally, as it is close to flipping positive on the Weekly timeframe
A significant close below $3.20 is where this starts to look ugly and is likely invalidated
However, the most optimistic view would see PEPECOIN/USD closing the Month of November above $5.30 before entering price discovery in December 2024
Previous breakouts show that PEPECOIN typically blasts through all Fibonacci Extension Levels (1.618, 2.618, 3.618, 4,236). In its previous rally in early 2024, price extended 35%+ above the 4.236 level, topping out at $7.54
If price were to mirror this rally our profit targets are as following:
1.618 = $13.50
2.618 = $21.00
3.618 = $28.30
4.236 = $32.90
+35% above 4.236 = $44.40
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