PEPE Price Breaks Out — Next Target Could Bring a 24% Gain

Key Takeaways

• PEPE has formed a five-wave impulse since Sept. 6.
• RSI signals wave three may have ended with a retracement.
• Potential wave five target: $0.000013 if the breakout continues.

PEPE has experienced significant volatility since its peak in May, combining sharp corrections and bullish breakouts.

Following the formation of a symmetrical triangle, the recent breakout suggests that PEPE may be gearing up for another potential uptrend.

PEPE Price Analysis 

PEPE continued its uptrend in April, reaching $0.0000046 before surging to $0.000017 by May 27, marking a substantial 275% increase. However, following this peak, the price entered a downtrend.

On Aug.5, PEPE briefly spiked to $0.0000058 but closed at $0.0000072, indicating renewed buying interest. The downward trend persisted, leading to a low of $0.0000065 on Sept. 6, but the bearish momentum stalled.

A subsequent breakout above the descending triangle’s resistance saw PEPE hit $0.0000117 on Sept. 29, an 85% increase from its prior low.

Completing the May WXY correction suggests a potential bullish phase, though further confirmation is needed. A symmetrical triangle formed since September’s high, suggesting PEPE might be consolidating after its first runup.

As a breakout has occurred, the price could be ready for another uptrend, surpassing its high in September. 

PEPE Price Prediction

The hourly chart indicates that since Sept. 6, PEPE has developed three sub-waves within what appears to be a five-wave impulse.

The recent high may have marked the end of wave 3, as suggested by the hourly Relative Strength Index (RSI) entering overbought territory.

Historically, when the RSI exceeds 80%, it often signals a local high followed by a pullback. The rise from Sept.18 slightly exceeded the 2 Fibonacci level, suggesting an extended move.

However, the anticipated retracement could represent wave 4, potentially setting up for a higher high near $0.000013 if wave five completes the structure.

Alternatively, the uptrend might have ended on September 28, as the following downward move lacked the typical corrective pattern and formed a sharp drop instead.

Given the bullish signals and oversold conditions, a recovery appears likely in the short term.

PEPE’s momentum will determine whether it can surpass the September high, confirming the start of a sustained bull phase.

Read more: Pepe Price Prediction 2024: PEPE Price Analysis