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Home»ALTCOIN NEWS»How long will PEPE prices continue to rise?
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How long will PEPE prices continue to rise?

By Crypto FlexsFebruary 17, 20243 Mins Read
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How long will PEPE prices continue to rise?
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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.

PEPE/USDT daily chart. Source: TradingView

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.

PEPE price changes
PEPE/USDT daily chart. source: X

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.

PEPE Price Forecast
PEPE/USDT daily chart. Source: TradingView

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

In the case of BeInCrypto‘Click here for the latest cryptocurrency market analysis.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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