PEPE Coin Price Prediction After Breakout
2024-10-15
Bittime - PEPE Coin price prediction shows upside potential after breaking through the descending triangle resistance, with a projected reach of $0.000013.
Despite the potential for a short-term retracement, the bullish trend appears strong with positive signals from the symmetrical triangle formation and RSI. Read more!
PEPE Coin Price Prediction
The hourly chart shows that PEPE has developed three subwaves since September 6, indicating a five-wave impulse.
The hourly Relative Strength Index (RSI) entered the overbought region, which may signal the end of the third wave.
When the RSI exceeds 80%, this is usually a sign of a local high followed by a decline.
The increase that occurred on September 18 slightly exceeded Fibonacci level 2, indicating that the move is continuing.
However, the anticipated retracement could be wave 4, which, if wave five completes the structure, could lead to a higher high around the price of $0.000013.
PEPE Coin Price Analysis
PEPE is up 85% from its low on Sept. 29 after breaking through descending triangle resistance and reaching $0.0000117.
Although further confirmation is needed, completing the May WXY correction indicates a potential bullish phase.
Since the September high, a symmetrical triangle formed, indicating that PEPE may be consolidating after the first increase.
The price may be ready for additional uptrend after the breakout, surpassing its September high.
Read Also: CARV Price Explodes 79% After Listing on Various Largest Crypto Exchanges
Conclusion
After rising 85% from its low in late September, PEPE showed positive signals, surpassing the descending triangle barrier to reach $0.0000117.
However, an overly high RSI indicates a possible short-term retracement (wave 4), and the fifth wave might push the price to around $0.000013.
The formation of a symmetrical triangle after this rise suggests temporary consolidation before a possible upward breakout.
This pattern could be proven, and PEPE price could surpass the high level in September to continue the bullish trend even stronger.
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