PEPE Gains Momentum in October — Bullish Phase May Be on the Horizon

Key Takeaways

• PEPE saw a significant 275% surge before correcting.
• A breakout above the descending triangle indicates a potential uptrend.
• Key indicators suggest a possible wave four retracement.

Sharp increases, corrections, and breakout patterns have marked PEPE’s price journey.

This analysis explores its movements since April, current trends, and potential future price directions, offering insight into PEPE’s next possible phase.

PEPE Price Analysis

PEPE continued its uptrend in April, reaching $0.0000046 before surging to $0.000017 by May 27—marking a significant 275% increase.

After this peak, the price entered a downtrend. On Aug. 5, PEPE briefly spiked to $0.0000058 before closing the day at $0.0000072, signaling a resurgence in buying interest.

The downtrend continued to a lower low of $0.0000065 on Sept. 6, but downward momentum halted.

An upturn ensued, leading to a breakout above the descending triangle’s resistance. On Sept. 29, PEPE reached a high of $0.0000117, an 85% increase from its September low.

Read more: Pepe Price Prediction 2024: PEPE Price Analysis

With the conclusion of the May WXY correction, it’s likely that a bullish phase has begun, although further confirmation is necessary.

Since its recent high, the price fell by around 30% to a low of $0.0000084 on Oct. 3. 

Did the first uptrend after a descending triangle breakout end, which was its corrective phase, or will PEPE face a more sustained downside?  

PEPE Price Prediction

The PEPE hourly chart indicates that starting from Sept. 6, the price has formed three sub-waves within what appears to be a five-wave impulse.

The recent high might mark the end of wave three, as suggested by the hourly Relative Strength Index (RSI) entering overbought territory.

Historically, when the hourly RSI has exceeded 80%, it has signaled a local high, often followed by a retracement.

Using the Fibonacci extension tool, the last rise from Sept.18 slightly exceeded the two Fib levels, indicating an extended move.

However, the anticipated retracement could represent wave four of the five-wave pattern, implying that a higher high of $0.000013 might follow.

If this occurs, it will complete a five-wave structure, confirming that PEPE has entered its first uptrend and potentially signaling a new bull phase ahead.

On the other hand, Sept. 28 could have concluded an uptrend, although there won’t be a visible five-wave pattern.

The following descending move was made in one go, which doesn’t suggest a corrective structure. 

Either way, since we saw some bullish signs and the price already looks oversold, a recovery is expected in the short term.

Based on its momentum and high, PEPE may attempt to reach a higher high than in September.