PEPE Forms Triangle Pattern After High, Potential Bull Flag Ahead
PEPE made a new all-time high last week and entered consolidation in a symmetrical triangle. Breakout is awaited but one more push to the upside move likely.
Key Takeaways
- PEPE surged over 200% to $0.000025 by November 14.
- The symmetrical triangle suggests a potential breakout direction soon.
- Upside targets $0.000028; downside risks $0.000014 crash.
PEPE has been on a remarkable run. On Nov. 14, its price skyrocketed to a new all-time high of $0.000025, marking a 200% surge from its Nov. 4 levels.
Currently, the price is consolidating within a symmetrical triangle, indicating indecision in the market. This pattern could signal either a continuation of the uptrend or the beginning of a significant correction, making the upcoming breakout crucial for determining PEPE’s next move.
PEPE Price Analysis
PEPE continued its upward trajectory in April, reaching $0.0000046 before surging to $0.000017 on May 27, marking a remarkable 275% gain. After this peak, the price entered a downtrend.
On Aug. 5, PEPE briefly spiked to $0.0000058 and closed at $0.0000072, reflecting renewed buying interest. However, the downtrend resumed, with the price bottoming at $0.0000065 on Sept. 6. Bearish momentum weakened, and a breakout above a descending triangle’s resistance on Sept. 29 pushed PEPE to $0.0000117, an 85% gain from its low.
Since this peak, PEPE has consolidated within another descending triangle. The following breakout above resistance signaled an uptrend continuation, and a new five-wave impulse was anticipated.
PEPE Price Prediction
On Nov. 4, the price started increasing again with strong momentum, leading to a new all-time high of $0.000025 last Thursday, Nov. 14.
Signs of weakness were seen as it got overextended, with the daily chart Relative Strength Index (RSI) at 88%.
PEPE consolidates in a symmetrical triangle, interpreted as a bull flag, indicating that more upside movement is ahead. On the other hand, we might have seen the completion of this parabolic runup, leading to a crash, which usually follows these types of rises.
Looking at the hourly chart, we can see the price action since Nov. 4 indicates one more high could be ahead, as the symmetrical triangle represents a corrective wave four.
However, considering the price increased over 200% in one go and got overextended, there is also a strong chance that the five-wave pattern concluded last Thursday.
This is why the first major sign of the next primary trend will be a breakout direction from the symmetrical triangle. If the price breaks into the upside, one more high to the next target of $0.000028 could be seen.
Alternatively, should we see a breakout to the downside, PEPE could come crashing to $0.000014.
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