PEPE Surges 31% After Breaking Through Major Resistance
PEPE price rises 31% but there are signs it might got overextended. Retracement next but the overall outlook bullish.
Key Takeaways
- PEPE surged 275% in May before correcting downward.
- The breakout above the descending triangle hints at a potential bullish phase.
- A five-wave structure may indicate the start of a new uptrend.
PEPE has experienced notable price volatility since its April surge. Following a sharp increase and subsequent correction, signs of a potential new bullish phase have emerged. However, the market requires further confirmation for a clearer outlook on PEPE’s trajectory.
PEPE Price Analysis
PEPE’s uptrend continued in April, reaching $0.0000046 before surging to $0.000017 by May 27—a 275% increase.
However, it entered a downtrend after this peak, falling to $0.0000077 by July 5.
After retesting this level on July 8, PEPE traded sideways, with horizontal resistance at just below $0.000010.
On July 15, it broke above this resistance, moving beyond its descending channel to hit a high of $0.000013 on July 19.
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This point marked only the midpoint of a more extended correction, followed by a sharp decline. On Aug. 5, PEPE spiked to $0.0000058 but closed the day at $0.0000072, indicating buyer’s interest.
The price continued to another lower low of $0.0000065 on Sept. 6, but the downward momentum stopped.
We saw an upturn, leading to a breakout above the descending triangle’s resistance. On Sept. 27, PEPE reached a high of $0.0000107, an increase of 64% since its recent low.
As the May WXY correction ended, we likely saw the beginning of a bullish phase, but further validation is needed.
PEPE Price Prediction
The PEPE hourly chart shows that from Sept. 6, the price formed three sub-waves out of the assumed five-wave impulse.
Today’s high could be the completion of wave 3, as indicated by the hourly Relative Strength Index (RSI) reaching the overbought zone.
Read more: Pepe Price Prediction 2024
Comparing the previous times, the hourly RSI came above 80%, and we can see that this signaled that the local high was in, and the price proceeded to retrace. Judging from the Fib extension tool, the last rise from Sep. 18 got extended as it came slightly above the 2 Fib level.
However, the expected retracement should only be wave 4 out of the five-wave move, meaning another higher high to $0.000012 could be seen afterward.
If that happens, a five-wave pattern will form, proving PEPE made its first uptrend, and a new bull phase would be expected.
PEPE Price Forms Bullish Setup at Support — Wave Count Hints at Breakout
