PEPE Price Breaks Out – Could Follow Dogecoin’s Lead to New Highs
How Long Will the PEPE Increase Continue? | Credit: Hameem Sarwar
Key Takeaways
- PEPE bounced at a long-term horizontal and diagonal support.
- The PEPE price trades only 25% below its all-time high.
- Can PEPE maintain its momentum and reach a new high?
Memecoins have been surging since Nov. 4 and are the best-performing category since the bottom. Interestingly, unlike newer memecoins like PEPE and FLOKI, Dogecoin is leading the rally.
Nevertheless, PEPE has mounted its own rally and broke out from a long-term descending resistance trend line. Let’s analyze the PEPE price action and see if this upward movement will take the price to a new all-time high.
PEPE Price Bounces
The weekly time frame chart shows that PEPE has increased alongside an ascending support trend line since April. Last week, it bounced at the ascending support trend line and the $0.0000085 horizontal support area (white icon), creating a bullish, engulfing candlestick.
Since this movement also caused a breakout from a descending resistance trend line, it confirmed that a bullish trend reversal has started. The PEPE price currently trades at the 0.618 Fibonacci retracement resistance level, measuring from the all-time high.
This is the final resistance area before PEPE can move to new highs.
Technical indicators support the upward movement. The Relative Strength Index (RSI) reclaimed the 50 lines, while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle).
Both are trending upward, implying the PEPE trend is bullish.
What Analysts are Saying
PEPE sentiment on X is decisively bullish, likely because of the increase of Dogecoin and other memecoins. PostyXBT tweeted that he is building a PEPE position in case it pulls a rally similar to DOGE.
Max tweeted a similarity between the DOGE and PEPE dominance charts, suggesting that a breakout from the current resistance trend line can lead to a similar rally for PEPE.
Finally, Jamie predicts a new all-time high of $0.00013 because of the wave count. Let’s look at the wave count and see where PEPE is heading.
New PEPE Price Highs?
The most likely wave count implies that PEPE is in the fifth and final wave of its upward movement that started in May 2023. The breakout from the long-term resistance trend line and triangle confirmed that the price started the final leg of its upward movement.
If the count is accurate, PEPE can reach a high of $0.000023, an increase of 76% from the current price. However, if PEPE confirms the upward movement, it is only the first target.
Giving wave five the same length as wave one leads to a target of $0.000044, 220% above the current price.
Therefore, the wave count aligns with the positive readings from the weekly time frame, suggesting a new PEPE all-time high is likely.
Start of the Bullish Trend
The PEPE price shows several bullish signs in the weekly time frame.
The breakout from the descending resistance trend line suggests a new upward movement has started, while the wave count predicts an increase between 76 – 220%.
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