Is PEPE Price Ready to Increase After Breaking Resistance?

9 months ago 2

ARTICLE AD BOX

The PEPE price has increased since February, breaking out from horizontal and diagonal resistance levels.

Has PEPE begun a new bullish trend that will take it to new highs, or is this just a relief rally? Let’s find out!

PEPE Reclaims Resistance

The technical analysis of the daily time frame shows that the PEPE price has fallen under a descending resistance trend line since December 2023. The downward movement led to a low of $0.00000086 on February 5, 2024.

PEPE has increased since, reclaiming the $0.00000100 horizontal area. The price also broke out from a descending resistance trend line, reaching a high of $0.00000131 today.

The daily Relative Strength Index (RSI) gives bullish signs. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator is above 50 and increasing, indicating a bullish trend.

What Are Analysts Saying?

Cryptocurrency traders and analysts on X positively view the future PEPE trend.

Reed Cars posted a bullish chart, suggesting the PEPE price will increase shortly.

James Wynn is decisively bullish about the future trend.

“We’re all gonna make ungodly amounts of money this bull run. Not IF, but WHEN $PEPE goes onto do Shiba Inu ATH numbers ($42bn).. A lot of people are going to make life changing, and even generational wealth. Take profits, and enjoy the fruits of your hard work” Wynn stated.

PEPE Price Prediction: How Long Will Increase Continue?

A closer look at the Elliott Wave count suggests the upward movement will continue. Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The most likely wave count suggests the PEPE price has completed a five-wave upward movement and ensuing A-B-C correction.

If the count is correct, PEPE has begun a new upward movement. Giving both increases the same length will lead to a high of $0.00000200, 60% above the current price.

Despite this bullish PEPE price prediction, closing below $0.00000100 will invalidate the bullish count. Then, PEPE can fall 50% to the closest support at $0.00000060.

For BeInCrypto‘s latest crypto market analysis, click here.