Currently, $PEPE is at a critical level on the 4-hour chart. Observing the Ichimoku cloud, the SSB aligns with the 0.618 Fibonacci retracement level, making this a crucial point for a potential rebound. $PEPE needs to pass this SSB to move to the other side of the Ichimoku cloud on the 4-hour chart, confirming a bullish reversal from the recent downtrend.
Additionally, we can see that the Tenkan is attempting to cross above the Kijun, which would be another bullish signal, with prices moving above both the Tenkan and Kijun lines, signaling a bullish alert. However, this resistance at the 0.618 Fibonacci retracement and SSB level is tough to break, especially since the Stoch RSI is currently in the overbought zone.
Despite this, if $PEPE manages to surpass this resistance, there's potential for a continued upward trend, especially as the lagging span has also crossed above the prices. These factors provide more positive than negative signals, but with the RSI so high in the overbought zone, the community needs to stay motivated for the bullish trend to continue. If $PEPE can reach the level from June 6, corresponding to the 0.382 Fibonacci retracement, we might later see a return to the all-time high from May 27.
Stay cautious, do your own research, and feel free to ask questions in the comments!
