Popular meme coin PEPE Coin The price has increased since February and broke out of horizontal and diagonal resistance levels. So, has PEPE started a new uptrend? Or is this just a relief rally? To answer this important question, it is necessary to consider several main factors.
PEPE Regained Its Strength
Technical analysis of PEPE on the daily time frame shows that it has broken below a descending resistance trend line since December 2023. This downward move led to a low of $0.00000086 on February 5, 2024.
However, PEPE has since recovered and regained the $0.00000100 horizontal area. Moreover, the price broke out from the descending resistance trend line and reached $0.00000131 today.
This analysis shows that PEPE’s price has been moving in a positive direction recently and has broken the descending resistance trend. However, further confirmation and monitoring may be required. Because crypto markets can often be volatile and prices can change quickly.
The daily Relative Strength Index (RSI) gives bullish signals. Market traders often use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset.
Readings above 50 on the RSI and an upward trend indicate that the bulls still have the advantage, while readings below 50 indicate the opposite. The indicator is currently above 50 and rising, indicating a bullish trend. This may suggest a possible upward trend in the price of PEPE and investors may need to monitor the market.
What Do Analysts Say?
Cryptocurrency traders and analysts at X view the future PEPE trend as positive. Reed Cars has published a bullish chart suggesting that the PEPE price will rise shortly. This prediction can be considered as a sign that the price of PEPE may have a potential upward trend. Taking this forecast into account, investors and analysts can monitor possible changes in PEPE’s price and adjust their strategies accordingly.
James Wynn is decidedly bullish on the future trend. “We will all make incredible amounts of money in this bull run. Not IF, but WHEN $PEPE Shiba Inu reaches ATH figures ($42 billion)… Many people will change their lives and even make generational fortunes. “Make a profit and enjoy the fruits of your hard work.” stated.
James Wynn is confident in PEPE’s future potential and thinks it will offer investors the opportunity to make big profits. This announcement indicates that PEPE is attracting increasing interest among investors and its future growth prospects are high.
PEPE Price Forecast
A closer look at the Elliott Wave count shows that PEPE’s upward move will continue. Technical analysts identify recurring long-term price patterns and investor psychology using Elliott Wave theory. This helps them determine the direction of a trend.
The most likely wave count shows PEPE price completing a five-wave uptrend followed by an ABC correction. If this count is correct, PEPE may have started a new upward move. If both bullish moves are of the same length, a high of $0.00000200 could be reached, 60% above the current price. This indicates that PEPE has potentially significant upside.
Despite this bullish PEPE price prediction, closes below $0.00000100 could invalidate the bullish scenario. In this case, PEPE could retreat to the nearest support at $0.00000060 for a 50% decline. This suggests that the price could reverse previous bullish expectations and initiate a corrective move lower. Therefore, investors should closely monitor how PEPE’s price reacts to these critical levels.
