PEPE: There is a Sell Signal Present on the daily chart: Price Drop Soon?
- The TD Sequential is giving a sell signal for PEPE at the current stage on the daily chart.
- Previously, the tool has provided signs that turned out to be accurate in predicting PEPE price changes.
- It is advised that traders determine when to protect gains because PEPE is near an important Fibonacci resistance level.
Recently, Ali Martinez shared on X that the current behavior of the TD Sequential indicator, on PEPEs daily chart, suggests that the price might decline soon.
Ali used the TD Sequential to highlight areas where the price of the asset might reverse. The process involves observing a line of candlesticks (prices plotted on the graph) to find where the trend may be ending.
The analyst believes PEPE might be beginning to decline, as the chart shows a red 1 and an arrow pointing in the wrong direction.
Change in Market Trends Revealed in Three Important Signals
Alis chart outlines three notable points that this indicator showed. On May 2nd, a green signal (see A13) was given, which accurately indicated that the price would increase. After that, a red 1 was seen next to April 27th, letting us know that there was a temporary peak followed by a decline.
Source: X @ Ali_charts
The day after the pullback, a green 1 appeared on May 5th, and this was followed by significant growth in the stock price. Another red 1 on the calendar on May 14th points to another drop in the index.
The highlighted price levels include Fibonacci retracement lines, which traders use as indicators to find possible areas where risks could be limited regarding increases or declines in price. Right now, PEPE is above the 1.618 Fibonacci extension, which acts as a major point of resistance.
Experts Urge Investors to Claim Their Recent Profits
Though this does not promise a drop in price, it means that traders and investors should be careful.
If history repeats itself, then we might experience a small decline in price in the near future. If you currently own PEPE, now might be a good time to take your gains or limit the losses you are willing to accept.
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Read more: https://www.tronweekly.com/there-is-a-sell-signal-present-on-pepe/
Text source: TronWeekly
