PEPE Price Returns to March Highs, but Overbought Indicators Flash Caution

Key Takeaways

• PEPE completed a complex WXYXZ correction at support.
• Wave (iii) is in progress; more upside is likely before wave (iv).
• RSI signals temporary exhaustion; watch for a short-term pullback.

PEPE has shown strong recovery signs after completing a multi-month corrective structure.

Clear signs of bottom confirmed by bullish divergence provided a technical foundation for the recent price surge.

With momentum returning, PEPE is now entering a new impulsive phase, as identified on both the 4-hour and 1-hour charts using Elliott Wave and Fibonacci projection tools.

PEPE Price Analysis

On the 4-hour chart, PEPE completed a prolonged corrective W-X-Y-X-Z pattern on April 9, bottoming within the green support zone at $0.0000057.

This zone aligns with historical demand and marks the exact level of several past recovery attempts. 

The Z-leg was accompanied by a bullish Relative Strength Index (RSI) divergence (highlighted in orange), confirming weakening bearish momentum on the 4-hour timeframe.

The structure has since flipped bullish, with PEPE breaking out of the descending channel pattern on April 9 and climbing aggressively from the wave Z low.

The breakout aligns with previous impulse wave bottoms from mid-2024, suggesting historical cycle symmetry. 

This fractal points at the potential price progression as it did in the past, another significant bullish indicator.

The RSI is at 81, showing extremely overbought conditions, suggesting that the price is likely to make a pullback. 

Key resistance now sits at $0.0000092 (prior swing high), and a close above that level would validate a macro trend reversal. 

PEPE Price Prediction

The 1-hour chart reveals a textbook Elliott Wave formation, where wave (ii) bottomed at $0.0000069, followed by a sharp impulsive structure now in wave (iii).

After consolidating during a minor (a)-(b)-(c) correction, PEPE launched upward, now reaching near the 1.272 Fib extension at $0.0000094.

Wave (iii) may extend to $0.0000101 (1.618 Fib), while final wave (v) could reach $0.0000109 (2.0 Fib extension), aligning with previous resistance zones. 

RSI is extremely overbought, suggesting a wave (iv) pullback is likely before continuation. 

A healthy retracement would target the $0.0000089–$0.0000085 zone, where the 1–0.786 Fib retracements lie.

If PEPE maintains momentum, the next bullish leg will likely aim for the $0.0000110–$0.0000120 range before consolidation. 

A break below $0.0000079 would invalidate the impulse structure and suggest a deeper correction.

Key Levels to Watch

• Major Support: $0.0000057 (Z-wave bottom), $0.0000079 (0.5 Fib).
• Immediate Resistance: $0.0000094 (1.272 Fib), $0.0000101 (1.618 Fib).
• Breakout Confirmation: Close above $0.00000101 confirms bullish continuation.
• Invalidation Level: Drop below $0.0000079 negates the impulse structure.
• Fractal Watch Zone: $0.0000110–$0.0000120 (wave v extension target).