PEPE Price Bounces 110%, Marks End of Correction – New All-Time High Imminent?
When Will the PEPE Correction End? | Credit: Getty Images
Key Takeaways
- PEPE has increased over 110% since its low and subsequent bounce on April 13.
- It needs to increase by another 25% to reach its all-time high of $0.000010.
- When will PEPE reach a new all-time high, and how long will it continue to increase after?
PEPE was one of the best performing cryptocurrencies in February and March, increasing over 1,000%. In fact, PEPE outpaced memecoins in the Ethereum blockchain. However, the price corrected between March 14 and April 13.
Since bouncing on April 13, PEPE has broken out from its corrective channel and is well on its way to an all-time high. When will it reach it, and how long will it continue to increase afterward?
When Will PEPE Reach a New All-Time High?
The April 13 PEPE price bounce (green icon) likely marked the bottom of wave four in a five-wave upward movement. This was confirmed by the breakout from the descending parallel channel in which the correction was completed.
On May 1, PEPE validated this channel as support (green circle), further aligning with the possibility of a completed correction.
If PEPE has started wave five, the most likely area for the top will be between $0.000015-$0.000017. The area is created by the 1.61 external Fibonacci retracement and by giving wave five the same length as waves one and three combined.
The daily RSI favors this scenario, since it has increased above 50 (red circle), a sign associated with bullish trends.
The short-term count suggests the first portion of this increase is over. So, after a short-term drop, PEPE will likely resume its upward movement and reach a new all-time high.
PEPE Bounces After Notable Decrease
The wave count for PEPE suggests the price is in wave four of a five-wave upward movement (white). Wave three ended with the high of $0.0000108 on March 14. Then, PEPE’s decrease culminated with a low of $0.0000039 on April 13.
Since memecoin already bounced at the $0.0000038 horizontal support area (green icon), it is unclear if wave four has ended or if a slightly lower low awaits.
The fact that PEPE reclaimed the 0.618 Fib retracement support level suggests the correction is over. On the other hand, PEPE did not reach the ascending parallel channel’s support trend line, indicating the correction is not complete yet.
The daily RSI and MACD are both trending downward. The RSI is below 50 and the MACD is in negative territory, signs associated with bearish trends.
PEPE Price Prediction: Final Decrease Before Reversal
The shorter-term six-hour chart predicts the PEPE correction will end soon. It outlines that PEPE is in the final portion of its decrease.
The previously outlined wave four (white) has taken an A-B-C corrective structure (black). In it, PEPE is in the fifth and final sub-wave (red). So, the count suggests the price will complete its correction after a final drop.
The growing bullish divergences in the RSI and MACD align with this outlook, since they often occur near the end of downward movements, and lead to a bullish reversal.
As a result, it is also possible that sub-wave five truncates, in which case PEPE will not break its April 13 low.
PEPE’s Correction Coming to an End
Despite the lack of a positive reaction to Coinbase’s future listing, the wave count for PEPE suggests the biggest part of the correction is complete. While the count does predict another short-term drop, the correction is expected to end this month, setting in motion the continuation of March’s positive trend.
