Key Takeaways
PEPE is well-positioned for an upward continuation if it maintains support at critical levels.
Both the daily and hourly analyses align for a bullish outlook, provided the momentum sustains above key Fibonacci levels.
The daily chart illustrates the broader Elliott Wave structure, where PEPE has completed Waves 1–3, followed by a prolonged Wave 4 correction that appears to have ended near the 0.00001574 level.
This retracement aligns with the horizontal support zone and marks a potential pivot for the next upward phase.
Wave 5 is projected to target higher extensions, with the 0.618 Fibonacci extension at 0.000028983 being the first major resistance.
The daily Relative Strength Index (RSI) shows neutral momentum, neither overbought nor oversold, allowing for continued upward movement if buying pressure sustains.
A descending triangle during the corrective Wave 4 further strengthens the bullish outlook. Price has reached its resistance level, putting pressure on it and gearing up for a breakout. Sustaining this breakout confirms Wave 5 progression.
On the 1-hour chart, PEPE has initiated a new impulsive wave structure, aligning with sub-Wave (i) of Wave 5.
The breakout from a descending trendline will indicate bullish strength, with the price currently testing support at 0.000018136 (0.5 Fibonacci retracement).
The short-term wave count suggests Wave (i) completion near 0.00002055, with a likely retracement in Wave (ii) targeting support at 0.00001813.
Following this, Wave (iii) is projected to reach the 0.236 Fibonacci extension at 0.00002354, while Wave (v) could aim for the ultimate target near 0.00002837, coinciding with the daily chart’s Fibonacci extension.
The RSI on this time frame is trending upward, confirming bullish momentum, though a pullback during Wave (ii) may briefly relieve overbought conditions.
If the price holds above the 0.5 Fibonacci level, the impulsive structure remains intact, setting up a bullish continuation.