Pepe of Solana (PEPE)

$PEPE
PEPE remains in a short-term downtrend, with price continuing to trade below the first key trend line. While a corrective wave 4 bounce cannot be ruled out, there is no confirmation that the decline has ended.

Leading Scenario: The preferred view remains for another leg lower, although a corrective wave 4 rally could develop first. A break above the yellow trend line would increase the probability of a move toward the $0.00000460–$0.00000713 resistance zone.

Risk Scenario: As long as price remains below the yellow trend line, downside pressure remains intact. A break below the recent lows would keep the focus on the January 2024 low around $0.00000083.

Key Support Levels: $0.00000083

Key Resistance Levels: Yellow trend line, $0.00000460–$0.00000713

Bottom Line: The preferred outlook remains bearish while price trades below the yellow trend line, although a corrective wave 4 bounce cannot be ruled out before another move lower.