PEPE Price Up 30% After Breaking Resistance, Potential for More Upside
PEPE made a 40% increase since its recent low. This led to a descending resistance breakout, hinting at more upside potential ahead.
Key Takeaways
- PEPE broke resistance, signaling renewed bullish potential.
- Current gains suggest a possible five-wave impulse ahead.
- The next test in September is critical for trend confirmation.
After peaking at $0.000017 in May, the price entered a downtrend that continued into the fall.
However, recent developments indicate renewed bullish momentum, positioning PEPE for a potential breakout.
PEPE Price Analysis
PEPE continued its uptrend in April, peaking at $0.0000046 before surging to $0.000017 on May 27, achieving an impressive 275% gain. Following this high, the price entered a downtrend.
On Aug. 5, PEPE briefly spiked to $0.0000058 and closed at $0.0000072, signaling renewed buying interest. The downtrend resumed, reaching a low of $0.0000065 on Sept. 6, but bearish momentum began to wane.
A breakout above the descending triangle’s resistance pushed PEPE to $0.0000117 on Sept. 29, marking an 85% increase from its recent low.
The completed WXY correction since May suggests a possible bullish phase, pending further confirmation. Since September’s peak, PEPE has formed another descending triangle, indicating consolidation.
Today, the price broke above its resistance, indicating more upside potential.
From Nov. 4, PEPE increased by 44%, reaching its highest point of $0.0000109. It now sits slightly lower but is still up by 30% from its recent low.
PEPE Price Prediction
The hourly chart indicates that since Sept. 6, PEPE has developed three sub-waves upward, forming an ABC structure.
The Sept. 28 high may signify the end of the third wave, as the price declined to around $0.0000085 on Oct. 3.
The subsequent uptrend reached a lower high, and PEPE has now fallen to a lower low of $0.0000080 at the descending support, potentially completing the C wave of the ABC correction since September’s high.
Despite landing on the 0.618 Fibonacci level, the prior rise did not form a five-wave structure, which would have indicated a bullish phase.
However, today’s spike is introducing the possibility of more upside ahead. If this was the first sub-wave of the next five-wave impulse, PEPE could reach $0.0000166 at the 1.618 Fib extension level.
What happens at the Sept. 28 high will provide further insight as the price is still trading below it.
Surpassing it would increase the likelihood of a new bull phase with the presented target, while a rejection might imply that this is part of a corrective structure.
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