Yes I'm one of those crypto boomers who faded PEPE but the time to shine for shorting is here.
From a TA perspective, we have seven consecutive wicks above the upper boll bands. The bands themselves are very wide, fanned outward with the lower band running near the 200MA. This would indicate a 75% drop is possible. Not saying that's going to happen, but the token has gone from being expensive to trade in ETH to now having liquidity on major exchanges, with trading in Binance's "innovation zone" opening in an hour.
From past experience, dookie coins that get listed on Binance tend to bleed out quickly after they debut. Most don't recover.
My short opened at .000004198, which I'll look to exit at .000002, unless the DeFi LPs are rugged then I'll ride it straight to zero. Everything about this coin is a disaster from a non-technical perspective. Anon team, insider trades early on, unlicensed use of copyright (Pepe via Matt Furie), and its been shielded in the ETH ecosystem where only whales could afford to trade it due to the expensive cost ($50-$100 in fees per transaction). Even if I get stopped out here (at .000005) I'll keep shorting it at selective points while I wait for the inevitable rug pull.
Good luck, NFA
From a TA perspective, we have seven consecutive wicks above the upper boll bands. The bands themselves are very wide, fanned outward with the lower band running near the 200MA. This would indicate a 75% drop is possible. Not saying that's going to happen, but the token has gone from being expensive to trade in ETH to now having liquidity on major exchanges, with trading in Binance's "innovation zone" opening in an hour.
From past experience, dookie coins that get listed on Binance tend to bleed out quickly after they debut. Most don't recover.
My short opened at .000004198, which I'll look to exit at .000002, unless the DeFi LPs are rugged then I'll ride it straight to zero. Everything about this coin is a disaster from a non-technical perspective. Anon team, insider trades early on, unlicensed use of copyright (Pepe via Matt Furie), and its been shielded in the ETH ecosystem where only whales could afford to trade it due to the expensive cost ($50-$100 in fees per transaction). Even if I get stopped out here (at .000005) I'll keep shorting it at selective points while I wait for the inevitable rug pull.
Good luck, NFA
Trade active:
Took half of the trade out at 110% gain
Trade closed: target reached:
Closed out remaining portion of trade as a local bottom has been found. Overall a really nice return for the day