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Will PEPE Price Reach New All-Time High After 115% Increase?

2 mins
Updated by Ali M.
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In Brief

  • PEPE's price has increased by 115% this week, breaking out from a long-term descending resistance trend line.
  • The weekly and daily time frame readings support the continuing of the upward movement to an all-time high.
  • Despite the bullish PEPE price prediction, closing below $0.0000027 can trigger a significant downward movement.
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The PEPE price broke out from a long-term descending resistance trend line and nearly reached a new all-time high this week.

While PEPE suffered a slight rejection on February 28, the price still trades above a minor horizontal support area.

PEPE Breaks Out From Long-Term Resistance

The weekly time frame chart shows that PEPE has fallen under a descending resistance trend line since shortly after the all-time high in May 2023. The trend line caused three rejections (red icons).

After starting an upward movement in February, the PEPE price finally broke out this week amidst a 116% weekly increase. PEPE reached a high of $0.00000368 before falling slightly. Despite the price drop, PEPE still trades above the final horizontal resistance area in the weekly time frame.

Read more: How To Buy PEPE (PEPE) and Everything You Need to Know

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

The weekly Relative Strength Index (RSI) supports the breakout. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator is trending upward and above 50, both signs of a bullish trend.

PEPE Price Prediction: A New All-Time High?

The technical analysis of the daily time frame supports the continuation of the upward movement because of the wave count. Technical analysts use the Elliott Wave theory to determine the direction of a trend, which involves studying recurring long-term price patterns and investor psychology.

The most likely count suggests that PEPE is in wave three of a five-wave upward movement, having potentially started wave four. Wave three has nearly 2.61 times the length of wave one, a likely level for a local top.

Since the rejection, PEPE has returned toward the $0.00000270 support area. If the count is correct, PEPE will bounce at this support area and then begin a 70% increase to the next resistance at $0.0000050, which would be a new all-time high price.

Read more: 5 Best PEPE Wallets

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

Despite the bullish PEPE price prediction, closing below the $0.00000270 horizontal area means wave four will retrace further. PEPE could decrease by 25% to the next closest support at $0.0000024 in that case.

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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.

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)