PEPE prices have been rising since February, breaking out of horizontal and diagonal resistance levels.
Has PEPE started a new bullish trend that will push it to new highs, or is this just a relief rally? Let’s explore!
PEPE restores resistance
Technical analysis on daily time frames shows that PEPE price has fallen below the downward resistance trend line since December 2023. The downward movement resulted in a low of $0.00000086 on February 5, 2024.
PEPE has since increased and regained the $0.00000100 horizontal zone. The price also broke away from the downward resistance trend line and reached today’s high of $0.00000131.
The daily Relative Strength Index (RSI) indicates a bullish signal. Market traders use RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell assets.
Readings above 50 and an upward trend indicate that bulls still have the advantage, while readings below 50 indicate the opposite. The indicator is above 50 and increasing, indicating a bullish trend.
Read more: Pepe: a comprehensive guide to what it is and how it works
What are analysts saying?
Cryptocurrency traders and analysts at X are positive about the future PEPE trend.
Reed Cars posted a bullish chart, suggesting PEPE prices may rise soon.
James Wynn is adamant. I am optimistic about future trends.
“We are all going to make ungodly amounts of money in this bull market. Not IF but WHEN $PEPE Moving on to the Shiba Inu ATH figure ($42 billion). For many people, it will change their lives and even change their generational wealth. Take advantage and enjoy the fruits of your labor,” Wynn said.
Read More: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
PEPE Price Forecast: How long will the rise continue?
A closer look at the Elliott Wave numbers shows that the upward movement will continue. Technical analysts use Elliott Wave Theory to identify recurring long-term price patterns and investor sentiment, which helps determine trend direction.
The most likely wave number indicates that PEPE price has completed a 5-wave upward movement and the ABC correction accordingly.
If the calculations are correct, PEPE has started a new upward move. Setting both increase periods the same results in a peak price of $0.00000200, which is 60% higher than the current price.
Despite these bullish PEPE price predictions, a close below $0.00000100 will invalidate the bullish numbers. PEPE could then fall 50% to the nearest support at $0.00000060.
Read more: How to Buy Pepe (PEPE) and Everything You Need to Know
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