PEPE still has more room to reach its target

[cryptoenthusiast]

The weekly has developed, head and shoulder. The volume criteria have been met where the peak and the right shoulder show lower volume compared to the left shoulder.

The recent sell off, shows an attempt of recovery. The price retested the neckline and attempted to recover. Taking the measurement using fib retracement it barely recovered 50%. A weak recovery by the bulls and now the bears are in control. The sell off continues with at least 40% left to get to target.

[chainsniff]

40% more downside on a coin that already dropped 40% is just a number on a chart trying its best.

[johnblockbuster]

Only recovering 50% Fibonacci on the neckline retest is the weakest possible bull response and statistically the most bearish outcome at that level.