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Is PEPE Price Ready to Increase After Breaking Resistance?

2 mins
Updated by Ryan James
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In Brief

  • PEPE's price broke out from a horizontal resistance area after previously falling below it.
  • The daily time frame price action and Elliott Wave count both support the PEPE increase.
  • Despite the bullish PEPE price prediction, a close below $0.00000100 can lead to a drop.
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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.

PEPE Price Movement
PEPE/USDT Daily Chart. Source: TradingView

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.

PEPE Price Movement
PEPE/USDT Daily Chart. Source: X

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.

PEPE Price Prediction
PEPE/USDT Daily Chart. Source: TradingView

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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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