The PEPE price has surged by 115% this week, breaking out from a long-term descending resistance trend line and approaching its all-time high. Despite a minor rejection on February 28, PEPE remains above a key horizontal support level, signaling potential for further growth.
PEPE Breaks Out From Long-Term Resistance
On the weekly chart, PEPE had been constrained by a descending resistance trend line since May 2023, following its all-time high. This trend line triggered three rejections before the recent breakout. The breakout coincides with a 116% weekly price increase, pushing PEPE to a high of $0.00000368. While the price has dipped slightly, it remains above the critical resistance area, reinforcing bullish sentiment.
Key Observations:
- The weekly Relative Strength Index (RSI) confirms the breakout, trending upward above 50—a strong indicator of bullish momentum.
- Traders use RSI to gauge overbought/oversold conditions; its current position suggests continued upside potential.
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PEPE Price Prediction: Is a New All-Time High Likely?
Daily timeframe analysis supports further upward movement, driven by Elliott Wave Theory. This theory helps identify trend direction by analyzing recurring price patterns and investor psychology.
Current Wave Analysis:
- PEPE appears to be in wave three of a five-wave upward cycle.
- Wave three has extended ~2.61 times the length of wave one, a typical target for a local top.
- A bounce from the $0.00000270 support** could propel PEPE toward **$0.0000050—a 70% rally and new all-time high.
Risk Scenario:
- A close below $0.00000270** may trigger a 25% retracement to **$0.00000240, extending wave four’s correction.
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FAQ Section
What caused PEPE’s recent price surge?
The breakout from a long-term resistance trend line and bullish market sentiment drove the 115% weekly increase.
How reliable is the Elliott Wave Theory for PEPE’s price prediction?
While no indicator is foolproof, Elliott Wave patterns align with PEPE’s current momentum, offering a plausible roadmap for future price action.
What’s the key support level to watch?
Hold above $0.00000270 to maintain bullish momentum; a breakdown below could signal a deeper correction.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Cryptocurrency markets are volatile—conduct your own research before investing.
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