The daily time frame chart shows that the PEPE price has increased rapidly since the start of November. After a 230% rally in 9 days, PEPE reached a then-all-time high price of $0.0000259 on Nov. 14 before correcting for two weeks.
The next portion of the upward movement started on Nov. 26, and PEPE has increased by 60% in the 13 days since, culminating in a new all-time high price of $0.0000275 today, on Dec. 9.
While the breakout and high are positive signs, technical indicators show weakness. This is visible in the Relative Strength Index and Moving Average Convergence/Divergence since both have generated bearish divergences (green).
So, the daily time frame suggests that PEPE could be nearing the end of its impressive rally.
Are Memecoins Back?
After leading the rally for most of the year, memecoins hit a snag last month as liquidity flowed back to Layer-1s and other utility tokens. This has also started to change since memecoins posted significant gains last week.
In the past seven days, on average, memecoins have increased by 11.2%, only trailing decentralized finance (DeFi). They have been the best-performing category of the past three days.
From large cap memecoins, the rally has been led by PEPE and MOG, both reaching new all-time highs in December.
PEPE Nearing Its End?
The long-term PEPE price analysis also suggests the rally is nearing its end. According to the wave count, PEPE is in the fifth and final portion of an upward movement that started in May 2023 (white).
Wave five started in November after the price broke out from a symmetrical triangle pattern (dashed). The wave has extended, already moving above the first target for the top at $0.0000231.
The next target is 66% above the current price at $0.0000440. It is found by giving wave five the same length as waves one and three combined.
The shorter-term daily count starts differently but ends on a similar note. The sub-wave count (black) suggests wave five started in August instead of November. According to the count, PEPE is in the fifth and final sub-wave, which will complete the long-term wave count.
The same waves of different degrees often extend. So, since wave five has extended, sub-wave five may do the same. If it has the same length as sub-waves one and three, PEPE will reach a new all-]time high of $0.0000400. This aligns with the long-term target of $0.0000440.
On the other hand, falling below the start of sub-wave five (red line) at $0.0000203 will mean the upward movement is over and that PEPE has begun its long-term correction.
Final Portion of the Increase
The PEPE price has performed admirably both year-to-day and since the start of November. While the PEPE coin price reached a new all-time high today, technical indicators show weakness, and the wave count suggests a high is near.
PEPE may continue increasing until $0.0000440 but will likely reach its cycle top soon.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
