$PEPE has broken below the 0.0₅47 level. Next, there are two scenarios:
① A rebound to 0.0₅47 fails to reclaim it → the level turns into resistance, with the 24h low of 0.0₅459 as the first downside target
② Quickly gets back above 0.0₅47 → this was most likely a false breakdown, and shorts could easily get squeezed
Personally, I'm paying closer attention to how the first rebound plays out.
① A rebound to 0.0₅47 fails to reclaim it → the level turns into resistance, with the 24h low of 0.0₅459 as the first downside target
② Quickly gets back above 0.0₅47 → this was most likely a false breakdown, and shorts could easily get squeezed
Personally, I'm paying closer attention to how the first rebound plays out.
